Question

State and explain the law of demand.

Answer 1

Hey mate!

I am here with your answer!

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 ".

Hope this will help you!

Answer 2

Answer:

Law of demand is when there is an inverse relationship between the demanded quantity and value. The demand comes down when a commodity's price increases, thus if the value declines, the market for a product rises.

• The law refers to the direction that quantity demanded changes as a result of price changes.
• A commodity's value-to-demand relationship depends on many factors. The most significant factor is the product existence. The request schedule indicates the quantity response required to change the commodity's price.