Answer to Question #178154 in Microeconomics for azhar khan

Question

Q4: Give some real life examples for the “law of demand”.

Answer 1

1.People buying less gasoline if the prices per gallon rises.

2.A baker sells a loaf of bread for $1 each. They sell 50 each day at that price. However, when the baker decides to increase to price to $1.20 - they only sell 40.