Question

explain the law of demand with the suitable diagram.​

Answer 1

Answer:

Definition: The law of demand states that other factors being constant (cetris peribus), price and quantity demand of any good and service are inversely related to each other. ... The above diagram shows the demand curve which is downward sloping.

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Answer 2

Answer:

Description: Law of demand explains consumer choice behavior when the price changes. ... The above diagram shows the demand curve which is downward sloping. Clearly when the price of the commodity increases from price p3 to p2, then its quantity demand comes down from Q3 to Q2 and then to Q3 and vice versa.

Explanation:

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