What is the law of demand?

The law of demand is a law which compares the price and quantity of a good. There is a negative correlation and therefore as price incases the quantity demanded of a good decrease. The reason for this is the law of diminishing utility.

Answered by Joao R. Economics tutor

1305 Views

See similar Economics GCSE tutors

Related Economics GCSE answers

All answers ▸

How is the market equilibrium determined?


Explain three possible reasons for growth in the value of an economy’s exports of goods.


Explain how a monopoly affects competition in a market


Why might the Bank of England raise the bank rate if inflation rises above 2%?


We're here to help

contact us iconContact usWhatsapp logoMessage us on Whatsapptelephone icon+44 (0) 203 773 6020
Facebook logoInstagram logoLinkedIn logo
Cookie Preferences