DiscussionsCategory: EconomicsWhat does law of demand state?
Maryam Abduljamih FolorunshoMaryam asked 4 years ago

What does the law of demand state?

2 Answers
Sadiq BarauSadiq Barau answered 4 years ago

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.

Maryam Abduljamih FolorunshoMaryam answered 4 years ago

Law of demand states:
-The lower the price,the higher the quantity demand
-The higher the price,the lower the quantity demanded

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