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Alfred Marshall, a pioneering 19th-century economist, formalized the law of demand in his 1890 work Principles of Economics. He explained that, all else being equal, the quantity demanded of a good decreases as its price rises, and increases as its price falls. Marshall emphasized the role of the “marginal utility” of goods, showing that consumers make purchasing decisions based on the additional satisfaction each unit provides relative to its cost. His work combined rigorous economic reasoning
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