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Definition of law of demand

Definition of law of demand: It is the claim that, other things equivalent, the quantity demanded of a good drops/falls whenever the price of the good increases.

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    Q : Monopolistic competitor in market When

    When this monopolistic competitor makes Q units: (1) P > MC. (2) MR = MC. (3) total revenue total cost is maximized. (4) MSB > MSC. (5) All of the above.

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