Define law of demand answer quantity demanded, Ask an Expert

Economics

Define law of demand.

Answer: Quantity demanded increases as price falls, other things constant. In other words, "Other things remaining the same, when the price of a good rises then quantity demanded of a good tend to contract and when the price of a good declines then the quantity demanded of it tend to expand."

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Microeconomics, Economics

Category:- Microeconomics
Reference No.:- M9574849

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