Assignment 1: Law of DemandThe 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?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 increasesin 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.BySaturday January 11 2014 post your initial discussion response in the M2: Assignment 1 Discussion Area. ByWednesday January 15 2014 read all of the other students postings and post comments in the Discussion Area on at least two other responses.
