Question

What is law of demand???

Answer 1

Explanation:

The law of demand is one of the most fundamental concepts in economics. ... The law of demand states that quantity purchased varies inversely with price. In other words, the higher the price, the lower the quantity demanded. This occurs because of diminishing marginal utility.

Answer 2

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• The law of demand is one of the most fundamental concepts in economics.The law of demand states that quantity purchased varies inversely with price. In other words, the higher the price, the lower the quantity demanded. This occurs because of diminishing marginal utility.