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- The law of demand states that a higher price leads to a lower quantity demanded and that a lower price leads to a higher quantity demanded.
- Demand curves and demand schedules are tools used to summarize the relationship between quantity demanded and price.
Demand for goods and services
Demand schedule and demand curve
- A demand schedule is a table that shows the quantity demanded at each price.
- A demand curve is a graph that shows the quantity demanded at each price.
|Price (per gallon)||Quantity demanded (millions of gallons)|