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The Law of Demand states that the demand for a product is inversely related to the price of such product. Therefore, the demand for a product is considered downward sloping. This implies that quantity demanded increases when price decreases. Is this always true?
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In your answer, provide at least three examples of products for which quantity demanded remains unchanged regardless of a change in price. Also, provide at least three examples of products for which quantity demanded increases in response to an increase in price. Also, include a discussion of the factors of demand that may account for such examples and justify your conclusions.
