Law of Demand | Easy Explanation with Real Life Examples by Learn with Ravali

Описание: The Law of Demand is one of the most important laws of microeconomics and a basic concept in Class 11 / Intermediate Economics.

This law explains the inverse relationship between price and quantity demanded of a commodity.

According to the Law of Demand, when the price of a commodity increases, its quantity demanded decreases, and when the price falls, quantity demanded increases, assuming other factors remain constant.

For example, when the price of apples increases, people buy fewer apples. When the price decreases, people buy more. This happens due to diminishing marginal utility, income effect, and substitution effect.

📌 Assumptions of Law of Demand
• Income of consumers remains constant
• Prices of related goods do not change
• Taste and preferences remain the same
• No expectation of future price change
• Goods are normal goods

📌 Importance of Law of Demand
✔ Basis of the law of diminishing marginal utility
✔ Helpful in price determination
✔ Useful for taxation policy
✔ Guides producers and government decisions

This video is very useful for:
• Class 11 & Intermediate students
• Commerce & Economics students
• UGC NET and competitive exam aspirants
• Telugu medium & bilingual learners

Law of demand microeconomics”
“Law of demand explanation”
“Law of demand examples”
“Law of demand diagram”

👉 Watch till the end for easy explanation, real-life examples, diagram, and exam-focused points.

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