Question

defines law of demand ok​

Answer 1

Answer:

• The law of demand is one of the most basic ideas in economics and It works with the law of supply
• It states that there is an inverse relationship between demand and purchases according to which the higher is the price, the lower the demand for the quantity.
• The Law of demand explains the behavior of consumer choice when the price fluctuates. In the market, assuming other factors affecting demand being constant, when the price of a product rises, it leads to a decline in the demand for that product. It is a natural tendency of consumers and this happens because a consumer hesitates to spend much on the product with the agitation of going out of cash.