The claim that, with other things being equal, the quantity demanded of a good falls when the price of that good rises.

1 answer:

8 0

The Law of Demand states that with other things being equal, the quantity demanded of a good falls when the price of that good rises.

<h3>What is the demand law?</h3>

According to the law of demand, as a good's price drops, so does the amount that is sought for.
In other words, according to the law of demand, the demand curve is always downward sloping as a function of quantity and price.

The law of demand, a cornerstone of microeconomics, asserts the inverse connection between price and quantity desired.

In other words, "subject to all other things being equal, the quantity wanted will drop as the price of a good increases , and the quantity demanded will increase as the price of a good lowers .

The Law of Demand states that with other things being equal, the quantity demanded of a good falls when the price of that good rises.

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