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The law of demand and the price elasticity of demand are both fundamental concepts in introductory microeconomics, but they serve different analytical purposes and reflect different aspects of consumer behavior. The law of demand states that, other things being equal, there is an inverse relationship between the price of a good and the quantity demanded. As the price of a good rises, the quantity demanded decreases, and vice versa. This law is based on the assumption of rational consumer behavior, marginal utility, and the availability of substitutes. The law of demand is a qualitative statement that highlights the direction of change in quantity demanded with respect to price changes. In contrast, price elasticity of demand is a quantitative concept that measures the responsiveness of the quantity demanded of a good to a change in its price. It is expressed as the percentage change in quantity demanded divided by the percentage change in price. While the law of demand merely asserts that a price increase will lead to a fall in demand, price elasticity quantifies _____ ______ __________ _______ _________ _______ _________ ______ ____ ___ _______.
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