What is the law of demand? Give two examples of how you have observe the law...

What is the law of demand? Give two examples of how you have observe the law of demand at work in the "real world." How is the law of demand related to the demand curve?

Expert Solution

Answer--The law of demand is defined as that other factors being constant, there is an inverse relationship between the price of the commodity and demand of the commodity, if the price for a commodity increase then its demand falls, or if there is the decrease in the price of a commodity then its demand increases.

Examples of the law of demand at work in the "real world"---

1. If there is a decline in the price of movie ticket price then there will be an increase in demand for movies.

2. If there is an increase in the price of coke then the demand for coke will decrease.

Law of Demand related to the demand curve.

The law of demand refers that the demand curve, as a function of price and quantity, is always downward sloping.

Rahul Sunny answered 2 years ago

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