ENTREPRENEURSHIP

Detailed explanation-1: -The relationship between the quantity demanded and the price is known as the demand curve, or simply the demand. The degree to which the quantity demanded changes with respect to price is called the elasticity of demand.

Detailed explanation-2: -The law of demand states that a higher price leads to a lower quantity demanded and that a lower price leads to a higher quantity demanded.

Detailed explanation-3: -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-4: -The law of demand is an economic principle that explains the negative correlation between the price of a good or service and its demand. If all other factors remain the same, when the price of a good or service increases, the quantity of demand decreases, and vice versa.