How the law of demand determines holiday season sales in the USA?
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What Are Some Examples of the Law of Demand?
By MARY HALL
Updated Jul 27, 2019
The law of demand is an economic principle that states that consumer demand for a good rises when prices fall while conversely, consumer demand falls when prices rise.
However, the relationship between prices and demand is derived from the law of diminishing marginal utility, which states that consumers buy or use goods to satisfy their urgent needs first. Utility refers to the satisfaction or benefit that results from consuming a good. In other words, the first good or unit typically has the highest utility or benefit, and with each additional unit consumed utility decreases. As a result, the price consumers are willing to pay for a good decline as their utility decreases.