Search results
We did not find results for: define law of demand.
Check spelling or type a new query.
We did not find results for: define law of demand.
Check spelling or type a new query.
In microeconomics, the law of demand is a fundamental principle which states that there is an inverse relationship between price and quantity demanded. In other words, "conditional on all else being equal, as the price of a good increases (↑), quantity demanded will decrease (↓); conversely, as the price of a good decreases (↓), quantity demanded will increase (↑)". Wikipedia