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Hi! My name is Kevin, and I'm going to teach you about the law of demand!
The law of demand states that demand changes based on how much the consumer can buy of each item.
Stop talking to them like they're adults! They clearly can comprehend what you're saying. Let me do it.
Gregg!! You scared me. What is it?
If you raise the price for one thing, they will try to find a substitute that's cheaper.
People need money to buy things, so when things cost more money, you can buy less of them. People want to buy the most things, so they will find the thing they can buy the most of with the amount of money they have.
Opportunity cost is giving up one thing for another. When costumers don't switch products, they increase their opportunity cost.
Let's say Kevin opens a bakery, you can buy one cake for 2 dollars.
He then raises the price three dollars. Now, you must pay 5 dollars for one cake. Now you can buy less cake with the money you have.
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