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The Law of Demand States That, Other Things Equal, When

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The law of demand states that, other things equal, when the price of a good rises, the quantity demanded of the good falls, and when the price falls, the quantity demanded rises.


Definitions:

Occupational Safety

The discipline focused on ensuring safe and healthy working conditions for employees by enforcing standards and providing training to reduce workplace accidents and illnesses.

Hazardous Chemical

A chemical substance that poses a potential risk to health, safety, or the environment.

Willingness To Pay

The highest price a person is willing to pay for a product or service, indicative of its perceived worth to them.

Public Park

An area of natural, semi-natural, or planted space set aside for human enjoyment and recreation or for the protection of wildlife or natural habitats.

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