Law of Demand 2019-09-20 08:00:00

Law of Demand

The law of demand is a lynch pin of economic theory that states a consumer will demand a lower quantity of a good or service at a higher price. Economists illustrate this law of demand along the market demand curve, which represents the sum of quantity demanded by consumers across a market for a particular good. A change in the price of a given good will result in a movement along the demand curve, but will not increase or decrease demand.

 


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