Economy, asked by deepapatkar982295, 3 months ago

what is used
to explain the law of demand.​

Answers

Answered by sanikapandya8
5

Answer:

"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 SHIVAMRAIKWAR
0

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.

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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