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Q: What is the law of demand?
A: The law of demand is a microeconomic law that states, all other factors being equal, as the price of a good or service increases, consumer demand for the good or service will decrease, and vice versa.
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Asked 6/30/2011 3:04:01 PM
Updated 9/17/2014 9:32:53 AM
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Edited by andrewpallarca [9/17/2014 9:31:53 AM]
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The law of demand is a microeconomic law that states, all other factors being equal, as the price of a good or service increases, consumer demand for the good or service will decrease, and vice versa.
Added 9/17/2014 9:32:53 AM
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