Question

what is the law of demand?​

Answer 1

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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:

Explanation:

Law of Demand - The law of demand is a situation of the market that states an opposite relationship between the price and demand of a product. This says talks about how the percentage change in the price brings, % change in the demand of the commodity. When the price increases its demand decrease and decreased price leads to increased demand.

These laws are applicable universal. These laws help to under the market and it's working in relationship to commodity and it's price.

These laws have some expectations also -

• Giffen goods.

• Veblen goods.