Law of Demand: As prices go up, the amount demanded goes down, and vice-versa.
Impact: As prices rise two things happen, people demand less of that which costs more, and people will switch to what are now relatively cheaper substitutes
And Andy Puzder, CEO of Carl's Jr. and Hardee's, told Business Insider that 'government driving up the cost of labor (is) driving down the number of jobs,' promising 'automation not just in airports and grocery stores, but in restaurants.'
A remaining question: How sensitive is the amount demanded to higher prices?
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