Although this is generally a true statement, it is not alway true.
In general, people do demand more of a product when it is at a low price and less of it when it is at a high price.
However, it is at least theoretically possible to have a product...
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Although this is generally a true statement, it is not alway true.
In general, people do demand more of a product when it is at a low price and less of it when it is at a high price.
However, it is at least theoretically possible to have a product for which demand is perfectly inelastic. For such a product, people will buy the same amount regardless of the price. Here, the demand curve is vertical.
It is also possible for a product to have perfectly elastic demand where people will buy a given product, but only at one price. Here, the demand curve is horizontal.