In an answer of at least two well-developed paragraphs, provide a definition of

Economics
Tutor: None Selected Time limit: 1 Day

In an answer of at least two well-developed paragraphs, provide a definition of the law of demand and explain how it can be used to determine prices. Provide an example of your own to illustrate this concept.

Jun 3rd, 2015

Thank you for the opportunity to help you with your question!

  1. In economics, the law of demand states that, all else being equal, as the price of a product increases(↑), quantity demanded falls(↓); likewise, as the price of a product decreases(↓), quantity demanded increases(↑).


Please let me know if you need any clarification. I'm always happy to answer your questions.
Jun 3rd, 2015

Did you know? You can earn $20 for every friend you invite to Studypool!
Click here to
Refer a Friend
...
Jun 3rd, 2015
...
Jun 3rd, 2015
Dec 5th, 2016
check_circle
Mark as Final Answer
check_circle
Unmark as Final Answer
check_circle
Final Answer

Secure Information

Content will be erased after question is completed.

check_circle
Final Answer