ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -The law of demand states that the quantity purchased varies inversely with price. In other words, the higher the price, the lower the quantity demanded. This occurs because of diminishing marginal utility.

Detailed explanation-2: -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-3: -The law of demand states that the quantity demanded of a good shows an inverse relationship with the price of a good when other factors are held constant (cetris peribus). It means that as the price increases, demand decreases. The law of demand is a fundamental principle in macroeconomics.

Detailed explanation-4: -Key Takeaways The law of supply and demand is a keystone of modern economics. According to this theory, the price of a good is inversely related to the quantity offered. This makes sense for many goods, since the more costly it becomes, less people will be able to afford it and demand will subsequently drop.

Detailed explanation-5: -The law of demand states the inverse relationship between the price and the quantity demanded keeping other factors constant. In other words as the price of a commodity increases the quantity demanded of the commodity reducers and vice-versa.