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

3230 Views

See similar Economics IB tutors

Related Economics IB answers

All answers ▸

Explain how a profit can be earned in the short run but not the long run in a perfectly competitive market.


How do I write a Level 7 part (b) 15 mark answer for Paper 1?


What are the factors affecting Cross-Price Elasticity?


What is the difference between demand and aggregate demand?


We're here to help

contact us iconContact ustelephone icon+44 (0) 203 773 6020
Facebook logoInstagram logoLinkedIn logo

© MyTutorWeb Ltd 2013–2025

Terms & Conditions|Privacy Policy
Cookie Preferences