Question

define law of demand. king back✌✌✌​

Answer 1

The law of demand is a fundamental principle of economics that states that at a higher price consumers will demand a lower quantity of a good. Demand is derived from the law of diminishing marginal utility, the fact that consumers use economic goods to satisfy their most urgent needs first.

Answer 2

• The law states that other things remaining constant, quantity demanded of a commodity increases with a fall in its own price and diminishes with a rise in its own price, i.e. there exist a inverse relationship between price and quantity demanded.