Law Of Demand
A microeconomic law that states that, all other factors being equal, as the price of a good or service increases, consumer demand for the good or service will decrease and vice versa.
Investopedia Says:
This law summarizes the effect price changes have on consumer behavior. For example, a consumer will purchase more pizzas if the price of pizza falls. The opposite is true if the price of pizza increases. Related Terms:
Demand
Economics
Equilibrium
Macroeconomics
Microeconomics
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