1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Viktor [21]
3 years ago
10

Why are the Law of Demand is Important in our day to day lives.

Social Studies
2 answers:
fgiga [73]3 years ago
6 0

The law of demand is one of the most fundamental concepts in economics. It works with the law of supply to explain how market economies allocate resources and determine the prices of goods and services that we observe in everyday transactions. ... In other words, the higher the price, the lower the quantity demanded.
Sholpan [36]3 years ago
4 0

Answer:

The law of demand is one of the most fundamental concepts in economics. It works with the law of supply to explain how market economies allocate resources and determine the prices of goods and services that we observe in everyday transactions. In other words, the higher the price, the lower the quantity demanded. For example, if the price of a gallon of milk rose from $5 to a price of $15, this is a big price increase. This significant price increase causes the consumer to demand less of that product at the price of $15 because not only is it more expensive, but the new price is very unreasonable for a gallon of milk. If demand increases and supply remains unchanged, then it leads to higher equilibrium price and higher quantity. If demand decreases and supply remains unchanged, then it leads to lower equilibrium price and lower quantity.

Explanation:

The study of law of demand is helpful for a trader to fix the price of a commodity. He knows how much demand will fall by increase in price to a particular level and how much it will rise by decrease in price of the commodity. The law of demand states that other factors being constant (cetris peribus), price and quantity demand of any good and service are inversely related to each other. When the price of a product increases, the demand for the same product will fall. an example of this is If movie ticket prices declined to $3 each, for example, demand for movies would likely rise. As long as the utility from going to the movies exceeds the $3 price, demand will rise. As soon as consumers are satisfied that they've seen enough movies, for the time being, demand for tickets will fall. The law of supply and demand is a theory that explains the interaction between the sellers of a resource and the buyers for that resource. Generally, as price increases people are willing to supply more and demand less and vice versa when the price falls.

You might be interested in
Describe the theoretical process of institutional isomorphism according to DiMaggio and Powell. How does this process potentiall
valentina_108 [34]
<span>Organizations are mostly homogeneous within given domains also increasinly oganized around different types of conformity to wider institution because of organizations you have to regiuwal contents</span>
4 0
3 years ago
Please help I will give brainliest
sveta [45]

B: Confederal Government.

3 0
3 years ago
Was Steve jobs adopted or stayed with his mom or dad?
White raven [17]

Answer:adopted

Explanation:

8 0
3 years ago
This ruling violated the recent
sammy [17]

Answer:

Maybe this will help

Explanation:

In a case later overruled by West Virginia State Board of Education v. Barnette (1943), the Supreme Court held in Minersville School District v. Gobitis, 310 U.S. 586 (1940), that state legislatures could require public school students to salute the U.S. flag and recite the Pledge of Allegiance without violating students’ speech and religious rights under the First and Fourteenth Amendments.Minersville students refused to salute the flag for religious reasons

Public school students in Minersville, Pennsylvania, were required to begin the school day by reciting the Pledge of Allegiance while saluting the flag. However, two students, Lillian and William Gobitas (a court clerk erroneously changed the family’s last name to Gobitis), refused. They claimed that such a practice violated their religious principles; they were members of Jehovah’s Witnesses, who believed that saluting the flag was tantamount to paying homage to a graven image. After the students were expelled from school, their father filed suit, claiming that his children were being denied a free education and challenging the required pledge. Both the district court and the court of appeals ruled that the required salute and pledge were unconstitutional.

Court upheld compulsory salute and pledge

In an 8-1 decision, the Supreme Court overruled the lower courts by upholding the compulsory salute and pledge. Writing for the Court, Justice Felix Frankfurter acknowledged that the First Amendment sought to avoid the “bitter religious struggles” of the past by prohibiting the establishment of a state religion and guaranteeing the free exercise of all religions. Yet the scope of this right to religious liberty could pose serious questions when, as in this case, individuals sought exemption from a generally applicable and constitutional law.

Citing a series of cases, beginning with the Court’s decision upholding anti-polygamy laws in Reynolds v. United States (1879), Frankfurter reaffirmed the principle that religious liberty had never included “exemption from doing what society thinks necessary for the promotion of some great common end, or from a penalty for conduct which appears dangerous to the general good.” In this case, the “great common end” was achieved through repetition of a “cohesive sentiment” represented by the salute and pledge to the flag, “the symbol of our national unity” that transcended all other differences.

Frankfurter defined the question in Gobitis as whether the Supreme Court could decide “the appropriateness of various means to evoke that unifying sentiment without which there can ultimately be no liberties, civil or religious,” or whether that decision should be left to the individual state legislatures and school districts. For Frankfurter and the majority of the Court, the decision obviously belonged to the legislatures and school boards. Although multiple methods were available for instilling “the common feeling for the common country” and some of those methods “may seem harsh and others no doubt are foolish,” it was for the legislatures and educators to decide, not the Court. The Constitution did not authorize the Supreme Court to become “the school board for the country.”

Stone said the compelled pledge should be unconstitutional

In his dissent, Justice Harlan Fiske Stone presaged the Court’s opinion three years later in West Virginia State Board of Education v. Barnette (1943) that would overrule the Gobitis decision. Conceding that constitutional guarantees of personal liberty are “not always absolutes,” Stone wrote that when legitimate conflicts arise between liberty and authority, the Court should seek “reasonable accommodation between them so as to preserve the essentials of both.” The Constitution did not indicate in any way that “compulsory expressions of loyalty play any . . .

8 0
3 years ago
Power sharing enhances the vertical distribution of power. Do you agree with the statement? Give reason for your answer with the
AnnZ [28]

Answer:

Power sharing is essential as it helps to reduce the load and stress on one party.

Explanation:

  • Power-sharing is an important aspect of the distribution of power and includes decentralization.  That is from the authorities level to the local levels. Such as the hierarchy in an organization, power is shared within various vertical and horizontal levels.
3 0
3 years ago
Other questions:
  • Which of the following did President Andrew Jackson support
    14·1 answer
  • Which act(s) made it a crime for anyone to publicly criticize the government or its officials?
    13·2 answers
  • He question "how do we learn to fear particular objects or situations?" would be of greatest interest to a psychologist working
    8·1 answer
  • smith is wondering how she can strech her xheck enough ro afford her monthly bills . smith is concered with
    12·2 answers
  • As a teenager, you enjoyed jogging. Concerned with your weight, your parents gave you money whenever you went jogging. According
    14·1 answer
  • WILL MARK BRAINLIEST
    11·2 answers
  • Why might Christians say that the bible is not:<br><br> Easy
    6·1 answer
  • In your own words what were the four
    15·1 answer
  • I keep getting this wrong if it’s not this one what one is it I need to get them both right pls help me
    6·2 answers
  • How does Karma and Dharma influence reincarnation?
    15·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!