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What is law of demand in simple mean

Posted by Mazhar Pathan 3 years, 3 months ago

CBSE > Class 12 > Economics

2 answers

Sia ? 3 years, 3 months ago

The law of demand is a fundamental principle of economics that states that at a higher price consumers will demand a lower quantity of a good. Changes in price can be reflected in movement along a demand curve, but do not by themselves increase or decrease demand.

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Ashutosh Dubey 3 years, 3 months ago

1.The law of demand refers to the inverse relationship between price and Demand. 2.It Always slopes downward from left to right bcz of indirect relationship.

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