<h3>Describe what is revealed through the law of demand:</h3>
The law of demand is one of the most fundamental concepts in economics. It works with the law of supply to explain how market economies allocate resources and determine the prices of goods and services that we observe in everyday transactions.
<h3>Explain what the law of demand fails to reveal about the quantity demanded: </h3>
The law of demand states that quantity purchased varies inversely with price. In other words, the higher the price, the lower the quantity demanded. This occurs because of diminishing marginal utility.
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<span>As a response to overcrowding, residents of medieval cities built
</span><span>a. taller houses and shops.</span>
Dicussed ideas and coordinating with each other
<span>Ratification of NAFTA increased international trade and represented a political victory for President Clinton.</span>
