112k views
2 votes
What does the law of demand propose?

User Neil Essy
by
5.6k points

1 Answer

5 votes

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.

User Matt Anderson
by
5.9k points