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Give two examples of how you have observed the law of demand at work in the real world?
Wiki User
∙ 9y ago
The law of demand is that at higher prices, a lower amount of product will be demanded. A higher amount of product will be in demand if the prices are low. Two examples of this observed in the real world include gas prices going up and people buying less gas. Another example is the opposite with lower gas prices and people driving more.
Wiki User
∙ 9y ago
- Pricing promotions leading to higher demand: When a product goes on sale or is discounted, consumers tend to buy more of it, demonstrating the law of demand in action.
- Price increases resulting in decreased sales: If the price of a good or service increases significantly, consumers may choose to purchase less of it, illustrating the inverse relationship between price and quantity demanded as per the law of demand.
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