The law of demand states quantity demanded for a good rises as the price falls. In other words, the quantity demanded and price is inversely related.
In Marshall's words-
“The amount
demanded increases with a fall in price and diminishes with a rise in
prices."
According to Dominick Salvatore-
“Law of
demand is the inverse relationship between price and quantity reflected in the
negative slope of a demand curve."
Demand is a function of price varies with price
and can be expressed as D = F (P). Here D is demand and P is price.
Finally, we can conclude that the law of demand
states that other things remaining constant, price increases quantity demand
decreases, price decreases quantity demand increases.
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