ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Answers. The law of demand is measured from the perspective of consumer. it states that when the price of a commodity increases, the consumer demand decreases.

Detailed explanation-2: -The law of demand is measured from the perspective of the Consumers. 3. It mainly states that the consumers will buy lesser quantity of goods when the price is higher.

Detailed explanation-3: -The Law of Demand states that there is an indirect relationship between the price of a good or service and the quantity of that good or service that consumers are willing and able to buy. In other words, as the price of an item increases, buyers are less willing and able to buy it and vice versa.

Detailed explanation-4: -History. The famous law of demand was first stated by Charles Davenant (1656-1714) in his essay, “Probable Methods of Making People Gainers in the Balance of Trade (1699)". However, there were instances of its understanding and use much earlier when Gregory King (1648-1712) made a demonstration of the law of demand.

Detailed explanation-5: -Law of demand is a fundamental principle of Economics, it states that quantity demanded is always inversely related to the price of the goods. In other words, with increase in price, quantity demanded will be less and vice versa.