Question

Define law of demand? ✌✌​

Answer 1

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.

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Answer 2

Answer:

Law of demand

In microeconomics, the law of demand is a fundamental principle which states that, for ordinary goods, "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".

Explanation:

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