Answer to Question #247751 in Economics of Enterprise for Sadam Dine

Question #247751
. state the laws of demand and discuss with the cases in which this law is to be violated.
1
Expert's answer
2021-10-06T16:08:11-0400

Solution:

The law of demand states that other factors being constant, the price and quantity demanded for any product or service are inversely related. That is, when the price of a product or service is low, consumers will tend to demand more of that product or service and vice versa. This is normally due to the law of diminishing marginal utility. Consumers will always seek to satisfy their most urgent wants first.


Need a fast expert's response?

Submit order

and get a quick answer at the best price

for any assignment or question with DETAILED EXPLANATIONS!

Comments

No comments. Be the first!

Leave a comment

LATEST TUTORIALS
New on Blog
APPROVED BY CLIENTS