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