defines law of demand. king back
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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.
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Law of demand is defined as “quantity demand of product decreases if the price of the product increases.” That is if the price of the product rises then the quantity demand falls. The law of demand and its exceptions are really interesting concepts with many real-life applications. ...!! hope it will helpful for u.
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