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Sonbull [250]
3 years ago
14

Explain what is meant by the term demand. What is the law of demand?

Social Studies
2 answers:
sveticcg [70]3 years ago
8 0

Answer: The law of demand is one of the most fundamental concepts in economics. The law of demand states that quantity purchased varies inversely with price. In other words, the higher the price, the lower the quantity demanded. This occurs because of diminishing marginal utility.

Explanation: Hope this helps :)

julia-pushkina [17]3 years ago
7 0

Answer:

Demand is dependent on quantity

Explanation:

In microeconomics, the law of demand is a fundamental principle which states that, "conditional on all else being equal, as the price of a good increases, quantity demanded will decrease; conversely, as the price of a good decreases, quantity demanded will increase".

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Hoochie [10]

Answer:

A. is as simple as possible, including only necessary details

Explanation:

A good economic model -

It refers to the framework , which helps to demonstrate the complex economics process in a simplified manner is referred to as a good economic model .

The model need to be extremely simple , then only it is called as a good economic model .

All the facts and figures need to be very clear and descriptive .

Hence, from the given information of the question,

The correct option is a.

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Answer:

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