In an answer of at least two well-developed paragraphs, provide a definition of the law of...

In an answer of at least two well-developed paragraphs, provide a definition of the law of demand and explain how it can be used to determine prices. Provide an example of your own to illustrate this concept.

Expert Solution

Definition: The law of demand states that other factors being constant , price and quantity demand of any good and service are inversely related to each other. When the price of a product increases, the demand for the same product will fall.

Description: Law of demand explains consumer choice behavior when the price changes. In the market, assuming other factors affecting demand being constant, when the price of a good rises, it leads to a fall in the demand of that good. This is the natural consumer choice behavior. This happens because a consumer hesitates to spend more for the good with the fear of going out of cash.

The diagram shows that the demand curve which is downward sloping. It means when the price of the commodity increases from price p3 to p2, then its quantity demand comes down from Q3 to Q2 and then to Q3 and vice versa.

Rahul Sunny answered 2 years ago

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