Register
Provide a definition of the law of demand and explain how it can be used to determine prices. Provide an example of your own to illustrate this concept. Please help!
186k views
3 votes
Provide a definition of the law of demand and explain how it can be used to determine prices. Provide an example of your own to illustrate this concept. Please help!

User Don Bright
by
6.2k points

1 Answer

3 votes
The law of demand is when the price of a good increases, the quantity or amount of the good demanded decreases. As the price of the good decreases, the quantity demand increases. The higher the price of a good, the lower the demand for that good.
User Andrew Delgadillo
by
5.8k points
Ask a Question
Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.

6.5m questions

8.6m answers

Other Questions

What caused the Great Rift Valley and the Great Escarpment? flooding glaciers plate movement precipitation
During the 19th Century rubber was produced in the Congo Free State amidst horrendous conditions of forced labor. The Congo Free State was under the control of which colonial power?
What system prepares the body for the fight-or-flight response in stressful situations? Somatic nervous system Sympathetic nervous system Parasympathetic nervous system Central nervous system
Knowing indicators of an unstable person can allow you to identify a potential insider threat before an incident
What happens if you get a f in middle school?
Link Copied!