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Explain the law of demand or upward sloping Demand curve using the diagram.
written 2.9 years ago by gravatar for prajapatijaimin prajapatijaimin • 3.3k modified 2.9 years ago by gravatar for teamques10 teamques10 ★ 69k
economics and management
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written 2.9 years ago by gravatar for prajapatijaimin prajapatijaimin • 3.3k

The Law of Demand:

  • The law of demand states an inverse relationship between the price of a commodity and its quantity demanded, if other things remaining constant, i.e., at higher price, less quantity is demanded and at lower price, larger quantity is demanded.

Assumptions of the law of demand:

  • The …

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