Question

what is the law of demand? explain with graph
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Answer 1

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. The above diagram shows the demand curve which is downward sloping.

Answer 2

❖$\sf\small\blue{hey \: mate \: !}$❖

The law of demand expresses a relationship between the quantity demanded and its price. It may be defined in Marshall's words as “the amount demanded increases with a fall in price, and diminishes with a rise in price”. Thus it expresses an inverse relation between price and demand.

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