Question

The relation that the law of demand defines is

Answer 1

Answer:

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.

Answer 2

Answer:The Law of Demand is one of the most fundamental concepts in economics. It works with the law of supply to explain market economies allocate resources and determine the prices of goods and services that we observe in everyday transaction.