what is the relation between demand of goods and price of its relaed goods
Answers
Answered by
1
Explanation:
Definition of 'Law Of Demand' 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.
Answered by
2
Explanation:
It's a fundamental economic principle that when supply exceedsdemand for a good or service,prices fall. When demand exceeds supply, prices tend to rise. There is an inverse relationship betweenthe supply and prices of goods and services when demand is unchanged
Similar questions