1 Answer - Sort by: Date | Rating
It is a law of microeconomics and describes the affect of demand on price and conversely the affect of a price change on demand and consumer behavior. The law of demand basically states that if supply and all other variables are held constant and an increase in demand occurs, then it would lead to an increase in the market price and similarly a decrease would lead to a decrease. In the same way it states that the higher the price of a product, the lesser would be the demand. You can see the graph here.
0
0
- Explain The First Condition Of Equilibrium?
- What Is The Date For Economics And Commercial Studies Exam.....?
- How Do Handicrafts Contribute To The Economic Growth Of The Country?
- Is The Balance Of Nature Strong Enough To Cope With The Impacts Of Modern Industrial Nation?
- How Has The Primary Sector Changed?
- How Does Balance Of Payment Affect The Economy?
- What Happen To The Level Of National Income When Intended Investment Is Greater Than Actual Investment?
- What Happens When Command Economis Transform Into Market Economies? How Is The Transition Best Undertaken?
- What Would Happen Without International Trade?
- What Year And Month Did Radio Come Into Existence?
- What Is An Example Of Marketing In Economic Crises?
- Describe The Changes In The Trade Winds During An El Nino Year?
- What Are The Cost And Benefits Of Global Trade?
- Why Robot Cannot Produce For Over The World?
- What Are The Main Economic Activities Of Dublin?
- Expalin, With The Aid Of An Example ,what The Term Opportunity Cost Means To A Consumer?
- Is Time Is Wealth?
- How Many People Are Employed In India In Primary Secondary And Tertiary Sector?
- What Is Important Of Ict In The Economy?
- What Is Meant By The Term Internet?
- What Do You Mean By Trade Cycle . Discuss Different Causes Responsible For It?
- What Are The Countries That?
- What Are The Effects Of Rising Rates Of Pulses?
- What Are The 5 Most Crowded Country In The World?
- Classical Economists Uses The Quantity Theory Of Money For Different Purposes.what Are They?
Featured Question
New Comment - Comments are editable for 5 min.