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The most famous law in economics, and the one that
economists are most sure of, is the law of demand. Almost the
whole system of economics is built on this law. The law of demand states
that when the price of a good rises, the amount demanded falls, and when the
price falls, the amount demanded rises. Demand is, too, a relationship between
quantity and price. Demand is defined as the different quantities of a
resource, goods, or service that will be purchased at various possible prices
during a specific time period.