The law of demand states that as price increases, quantity demanded decreases. However, the amount that quantity demanded change
s in response to a change in price varies from good to good. What are some factors that determine how much quantity demanded will change when price changes?
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
The collusion occurs when firms agree to collaborate in a way that disrupt markets such as fixing prices above the actual price to alter the equilibrium of the market
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