Question

can anyone help me in explaining the Law of Demand?? Economics - ch-3 class 11​

Answer 1

Explanation:

Definition: 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.

Answer 2

Answer:

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".