In microeconomics, the law of demand is a fundamental principle which states that, "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".
The law of demand is one of the most fundamental concepts in economics. It works with the law of supply to explain how market economies allocate resources and determine the prices of goods and services that we observe in everyday transactions.
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Answer:
In microeconomics, the law of demand is a fundamental principle which states that, "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".
Answer:
The law of demand is one of the most fundamental concepts in economics. It works with the law of supply to explain how market economies allocate resources and determine the prices of goods and services that we observe in everyday transactions.