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Demand =
Desire ability willing to buy a product
 
Demand variables=
Price and quantity
 
Law of demand
Price goes up demand goes down
 
Utility
Usefulness in a product
 
Marginal utility
Extra usefulness in a unit
 
Total expenditures test
Price x quantity demanded
 
Determinants of elasticity
Rebate
Partial refund
 
Free enterprise
Private business
 
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