Question

Discuss the law of demand with the help of suitable example

Answer 1

the law of demand states that, "conditional on  all else being equal, as the price of a  good  increases , quantity demanded decreases , conversely, as the price of a good decreases ,quantity demanded increases ". In other words, the law of demand describes an inverse relationship  between price and quantity demanded of a good.  When the price of an apple goes from $0.95 to $0.75, the quantity demanded will go up. Many people who weren't willing to buy apples at $0.95 are now willing to purchase them at $0.75.