acknowledgment of concept of demand and law of demand
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Concept of Demand:
Demand refers to the quantity of a commodity or a service that people are willing to buy at a certain price during a certain time interval. It can be termed as a desire with the 'willingness' and 'ability' to pay for a commodity.
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 phenomenon occurs because when consumers' opportunity cost increases, they must give something else up or switch to a substitute product.
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Concept of Demand:
Demand refers to the quantity of a commodity or a service that people are willing to buy at a certain price during a certain time interval. It can be termed as a desire with the 'willingness' and 'ability' to pay for a commodity.
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 phenomenon occurs because when consumers' opportunity cost increases, they must give something else up or switch to a substitute product.
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demand for a commodity is the desire to buy a commodity backed with sufficient purchasing power and the willingness to spend.
LAW OF DEMAND
it States thar other things remaining constant, there is an inverse relationship between quantity demanded and own price of commodity.
LAW OF DEMAND
it States thar other things remaining constant, there is an inverse relationship between quantity demanded and own price of commodity.
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