Question

defines law of demand​

Answer 1

Explanation:

The law of demand is one of the most fundamental concepts in economics. ... The law of demand states that quantity purchased varies inversely with price. In other words, the higher the price, the lower the quantity demanded. This occurs because of diminishing marginal utility.

Answer 2

$\huge\fbox\colorbox{pink}{⛄Answer⛄}$

The law of demand is one of the most fundamental concepts in economics. The law of demand states that quantity purchased varies inversely with price. In other words, the higher the price, the lower the quantity demanded. This occurs because of diminishing marginal utility.

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.

A basic principle of the law of demand is that when a good's price is lower, people will buy more of it. Explanation: The law of demand states that all things being equal, the higher the price, the lower the quantity demanded and vice versa (the lower the price, the higher the quantity demanded ).

$\small\bold{\textbf{\textsf{{\color{Purple}{Hope \: it \: helps}}}}}$

@MissWorst