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What is law of demand?
Law of demand is, if the price goes up the demand goes down. Inverse relationship
What is the definition of a complementary good?
Complementary goods are product which are used and bought together
True or false branding is a factor affecting
demand
True
if income increases what happens to demand?
if income is increased then the demand for normal goods will also increase and the demand curve will move to the right.
what is the definition of substitute goods?
In business terms 'substitute' refers to a product or service that consumers see a product similar enough or the same to another product. In more simple terms a substitute is something that can be used in place of another product.
True or false when demand increases price also increases
True
On the demand curve diagram what is on the Y axis?
Price is on the Y axis
True or false, External economic environment always has a negative impact on demand
False
true or false, seasonality has an effect on all products and services
False
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