What Is the Law of Demand in Economics, and How Does It Work?

Описание: The law of demand is a fundamental concept in economics that explains how market economies allocate resources and determine prices. It states that the quantity purchased varies inversely with price, and it helps us understand why things are priced as they are and identify under- or overpriced items. The law of demand is based on the relationship between the urgency of consumer wants and the number of units of the economic good at hand, and it's affected by factors such as rising incomes and the availability of substitutes or complementary goods.
72ac