Question

define law of demand

Answer 1

The law of demand states that quantity purchased varies inversely with price. In other words, the higher the price, the lower the quantity demanded. The reason for this phenomenon is that consumers' opportunity cost increases, so they must give something else up or switch to a substitute product.

Answer 2

Demand = It is related to quantity of goods which a consumer willing and able to purchase at the given price at particular time period....

Demand curve = A curve which is showing different quantity at different price of a commodity in a given time period...
(A diagram of Demand curve is attested)


DEMAND are two types -
1.individual demand
2.Market Demand

Individual Demand = Goods demanded by a individual consumer for a commodity...

2. Market demand = sum total of the consumer demanded in the whole market for a commodity...

LAW OF DEMAND ----------

It states that other things remaining constant there is an inverse relationship between price and quantity demanded.


when the price of a commodity increase its quantity demanded will decrease...
nd when the price of a commodity decrease its quantity demanded will increase....

( attesting a diagram 4 better understanding)


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