Question

state and explain the law of demand.
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Answer 1

The law of demand statesthat other factors being constant (cetris peribus), price and quantitydemand of any good and service are inversely related to each other. When the price of a product increases, thedemand for the same product will fall.

Answer 2

hey mate!!

here's your answer

Definition of 'Law of Demand'

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. When the price of a product increases, the demand for the same product will fall.

Description: Law of demand explains consumer choice behavior when the price changes. In the market, assuming other factors affecting demand being constant, when the price of a good rises, it leads to a fall in the demand of that good. This is the natural consumer choice behavior. This happens because a consumer hesitates to spend more for the good with the fear of going out of cash.

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