How do these 4 concepts help to explain the law of demand
How do these 4 concepts help to explain the law of demand (not explaining what they are but how the are related to law of demand):
1. Income effect
2. Substitution effect
3. Law of diminishing marginal utility
4. Utility-maximizing rule
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how do these 4 concepts help to explain the law of demand not explaining what they are but how the are related to law
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