Question

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Answer 1

Low of demand :-

The law of demand is a microeconomic law that states, all other factors being equal, as the price of a good or service increases, consumer demand for the good or service will decrease, and vice versa.

2:The law of demand says that the higher the price, the lower the quantity demanded because consumers’ opportunity cost to acquire that good or service increases, and they must make more trade-offs to acquire the more expensive product.

Answer 2

here's your answer..

What is the meaning of law of demand?

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.

What is law of demand with example?

Movies. 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.

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