| 单词 | the law of demand |
| 释义 | law of demandDefinition Observation that, as a general rule, the demand for a product varies inversely with its price; lower prices stimulate demand and higher prices dampen it. Law of demand holds in most instances, except in case of Giffen good. Use 'law of demand' in a SentenceIf your business is going well and you can't keep the products on the shelf then the law of demand dictates you raise the price. The Chips Ahoy cookies have been on sale recently which makes me think the Law of Demand for them must be getting higher. One can analyze the process of the exchange of goods and services but if they ignore the law of demand they would be mistaken. |
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