What is the law of demand?

The law of demand states that as the price of a good or service rises the quantity demanded will subsequently decrease. Opposingly, lower prices cause an increase in quantity demanded. 

NH
Answered by Nadia H. Economics tutor

3134 Views

See similar Economics IB tutors

Related Economics IB answers

All answers ▸

What are the factors affecting Cross-Price Elasticity?


How can I get 8 points out of 8 in Question d of the Economics HL Paper 2?


How can expansionary fiscal policies support an economy in closing a deflationary/recessionary gap?


explain how price act as a signal to consumer and producer?


We're here to help

contact us iconContact usWhatsapp logoMessage us on Whatsapptelephone icon+44 (0) 203 773 6020
Facebook logoInstagram logoLinkedIn logo

© MyTutorWeb Ltd 2013–2025

Terms & Conditions|Privacy Policy
Cookie Preferences