Question

what is law of demand. explain it..​

Answer 1

ANSWER :

The law of demand states that all other things being equal, the quantity bought of a good or service is a function of price.If the amount bought changes a lot when the price does, then it's called elastic demand. An example of this is ice cream. You can easily get a different dessert if the price rises too high.

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Answer 2

Explanation:

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.

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