what is demand law and supply law?
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Hey friend,
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The common sense principle that defines the generally observed relationship between demand, supply, and prices: as demand increases the pricegoes up, which attracts new suppliers who increase the supply bringing the price back to normal. However, in the marketing of high price (prestige) goods, such as perfumes, jewelry, watches, cars, liquor, a low price may be associated with low quality, and may reduce demand.
Here is your answer:
The common sense principle that defines the generally observed relationship between demand, supply, and prices: as demand increases the pricegoes up, which attracts new suppliers who increase the supply bringing the price back to normal. However, in the marketing of high price (prestige) goods, such as perfumes, jewelry, watches, cars, liquor, a low price may be associated with low quality, and may reduce demand.
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Answered by
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Law of demand means there is an inverse relationship between price and quantity demanded. And law of supply means there is a direct relationship between price and quantity demanded.
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