ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -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.

Detailed explanation-2: -Definition: The law of demand states that other factors being constant (cetris peribus), 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.

Detailed explanation-3: -The law of supply is the microeconomic law that states that, all other factors being equal, as the price of a good or service increases, the quantity of goods or services that suppliers offer will increase, and vice versa.

Detailed explanation-4: -Definition and Examples of the Law of Demand According to the law of demand, the quantity bought of a good or service is a function of price-with all other things being equal. As long as nothing else changes, people will buy less of something when its price rises. They’ll buy more when its price falls.

Detailed explanation-5: -Economists call this the Law of Demand. If the price goes up, the quantity demanded goes down (but demand itself stays the same). If the price decreases, quantity demanded increases. This is the Law of Demand.