This action might not be possible to undo. Are you sure you want to continue?
also supply and demand). The term demand signifies the ability or the willingness to buy a particular commodity at a given point of time
In economics, the law of demand is an economic law that states thatconsumers buy more of a good when its price decreases and less when its price increases (ceteris paribus). The greater the amount to be sold, the smaller the price at which it is offered must be, in order for it to find purchasers. Law of demand states that the amount demanded of a commodity and its price are inversely related, other things remaining constant. That is, if the income of the consumer, prices of the related goods, and tastes and preferences of the consumer remain unchanged, the consumer’s demand for the good will move opposite to the movement in the price of the good.