Economy, asked by coaryan, 3 months ago

Discuss the importance of law of demand.

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Answered by narsinhamote

2

Answer:

The law of demand is one of the most fundamental concepts in economics. It works with the law of supply to explain how market economies allocate resources and determine the prices of goods and services that we observe in everyday transactions. ... In other words, the higher the price, the lower the quantity demanded.

Answered by anshugangwar17

1

Answer:

The law of demand is one of the most fundamental concepts in economics. It works with the law of supply to explain how market economies allocate resources and determine the prices of goods and services that we observe in everyday transactions. ... In other words, the higher the price, the lower the quantity demanded.

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