Difference btw demand and law or demand
Answers
Demand :- Demand is the quantity of the commodity that a consumer is willing and able to buy, at a given price, at any given period of time.
Law of demand :- Law of demand states that there is an inverse relationship between the price and the quantity demanded. When the price increases the demand decreases and vice versa.
Answer:
Demand
Demand refers to the quantity of a commodity that consumers are willing and able to purchase at various possible prices during a particular period of time.
Law Of Demand
Law of demand refers to the inverse (opposite) relationship between the quantity demanded and the price of that particular commodity. Which means when the Price rises the demanded decreases & when price falls the demand for the commodity increases ,
being other factors constant ( like taste and preferences , income and population of consumers , price of related & substitute goods etc. )
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