The Law of Demand

The amount of a product people are willing to buy at a certain price is called Demand.

The law of demand assumes all other factors to remain equal except price of a commodity. It says that if all other factors remain equal, the higher the price of a good, the less people will demand that good.

In other words, Law of Demand states that if the price of a commodity increase, the demand of that commodity will decrease. If the price decreases the demand will increase.


Opportunity Cost	The Law of Demand	The Law of Supply	The Price Elasticity of Demand
Elasticity of Supply	Demand Curve	Definition of Microeconomics

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