Law of demand and supply
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In the aftermath of September 11 terrorist attacks, the quantity of sold airline tickets in 2002 fell by a large percentage when compared to 2001. During the same time period the average price for airling tickets also fell. The law of demand states that "the quantity demanded of a good varies inversely with its price. Does the observed change in the purchase and price of airline tickets violate the law of demand? why or why not?
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In the aftermath of September 11 terrorist attacks, the quantity of sold airline tickets in 2002 fell by a large percentage when compared to 2001. During the same time period the average price for airling tickets also fell. The law of demand states that "the quantity demanded of a good varies inversely with its price. Does the observed change in the purchase and price of airline tickets violate the law of demand? why or why not?
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The law of demand states that "the quantity demanded of a good varies inversely with its price". This means that as the quantity demanded decreases, the price level of the item in question ...
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