Question

meaning of theory of demand

Answer 1

Explanation:

Demand theory describes the way that changes in the quantity of a good or service demanded by consumers affects its price in the market, The theory states that the higher the price of a product is, all else equal, the less of it will be demanded, inferring a downward sloping demand curve.

Answer 2

Answer:

Demand theory is an economic principle relating to the relationship between consumer demand for goods and services and their prices in the market. Demand theory forms the basis for the demand curve, which relates consumer desire to the amount of goods available.

Explanation:

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