Question

What does a law of demand indicates? ​

Answer 1

Answer:

The law of demand states that other factors being constant (ceteris paribus), 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.

In our daily life, it is normally observed that decrease in price of a commodity leads to increase in its demand. Such behaviour of consumers has been formulated as 'Law of Demand'. ... Law of demand states the inverse relationship between price and quantity demanded, keeping other factors constant (ceteris paribus).

Explanation: