Answer to Question #247752 in Economics of Enterprise for Sadam Dine

Question

. state the laws of demand and discuss with the cases in which this law is to be violated.

Answer 1

According to the law of demand, the greater the price of a good, the fewer people will demand it if all other factors remain constant.

The law of demand will be broken when people exchange giffen commodities, luxury goods, and so forth. The amount demanded for luxury products, for example, will increase as the price goes up.