Law of demand
id:
law-of-demand-205-5253299
title:
Law of demand
text:
In microeconomics, the law of supply is a fundamental principle which states that there is an inverse relationship between price and quantity demanded. In other words, "conditional on all else being equal, as the price of a good increases (↑), quantity demanded will decrease (↓); conversely, as the price of a good decreases (↓), quantity demanded will increase (↑)". Alfred Marshall worded this as: "When we say that a person's demand for anything increases, we mean that he will buy more of it tha
brand slug:
wiki
category slug:
encyclopedia
description:
Fundamental principle in microeconomics
original url:
https://en.wikipedia.org/wiki/Law_of_demand
date created:
2004-04-10T21:14:35Z
date modified:
2024-09-10T13:52:15Z
main entity:
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image:
{"content_url":"https://upload.wikimedia.org/wikipedia/commons/c/cf/Illustration_of_law_of_demand.jpg","width":828,"height":606}
fields total:
13
integrity:
16