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Law of Demand Law of Demand People do less of what they want to do as the cost of doing it rises Recall the Cost-Benefit Principle Pursue an action if and only if its benefits are at least as great as its costs Recall the Reservation Price The highest price we’d be willing to pay 1 Total Expenditure Total Expenditure equals The number of units sold multiplied by the price of the good Total Expenditure = Total Revenue The dollar amount that consumers spend on a product is equal to the dollar amount that sellers receive 2 Fig. 5.7 The Demand Curve for Movie Tickets 3