Explain the law of demand with the help of a diagram.
Demand can be defined as the willingness and ability of a consumer to purchase a good or service.The law of demand states that the quantity demanded of a good or service increases as its price decreases and it decreases as its price increases, ceteris paribus. This implies that the there is a negative relationship between the quantity of good demanded and its price.
DP
Related Economics GCSE answers
All answers ▸Are living standards always lower in developing countries than developed countries?
What is meant by the different sectors of economies?
The National Living Wage (NLW) government policy target is to increase the NLW to £9 per hour by 2020. Explain two possible impacts of this policy on the UK supermarket industry.
What's the difference between movements along and shifts in the demand curve?