Answer to Question #135168 in Microeconomics for Swati

Question

Explain in brief the law of demand with the help of diagram.

Answer 1

The Law of Demand states that other things remaining constant, the quantity demanded of a commodity increases with fall in its price and decreases with a rise in its price.

So, there is an inverse relationship between price and quantity demanded of a commodity. This is explained with the help of an imaginary table and the diagram as illustrated below.