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Economists use the term "law" in the context of demand to signify a consistent and observable relationship between price and quantity demanded, known as the Law of Demand. This principle states that, all else being equal, as the price of a good decreases, the quantity demanded by consumers increases, and vice versa. The term "law" implies a general rule that holds true across various market conditions, reflecting predictable consumer behavior. However, it's important to note that this "law" can be influenced by factors such as consumer preferences, income levels, and the availability of substitutes.
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Why do competitive markets move toward equilibrium?
the process by which markets move to equilibrium is so predictable that economists sometimes refer to markets as being governed by the law of supply and demand.
What is derivation of law of demand?
Law of demand is the higher the price the lower of goods demand for
Define law of demand?
the law of demand state there is a negative or inverse relation ship
Describe the law of supply and demand and explain how increases and decreases in supply and demand affect prices?
The higher the price the larger the quantity produced, as the price of a good raises existing firms will produce more to earn additional revenue.
How is the law of demand related to the demand curve?
Law of demand is the reason of the downward sloping of demand curve.Law of demand states the inverse relationship of demand of a commodity and it's price,and demand curve represents this inverse relationship of demand and price.So in this way they both are related.
Which term best describe the phrase '' a description of what happens in nature''?
law
Why do competitive markets move toward equilibrium?
the process by which markets move to equilibrium is so predictable that economists sometimes refer to markets as being governed by the law of supply and demand.
What is called brother-in-law's brother-in-law?
The English language has no term to describe the brother-in-law of your brother-in-law. He is not considered to be related to you.
What Term used to describe a colonist who resist British tax law?
Patriots
What term is used to describe a set of volunatry promises enforeable by the law?
Contract
What is demand and law of demand?
The law of demand is that when you demand something you MUST say please and thank you, it's the law.
What did Adam smith argue was the Natural law that governed economic relationships?
The law of supply and demand. He also coined the term "The Invisible Hand"
What is derivation of law of demand?
Law of demand is the higher the price the lower of goods demand for
Law of demand and supply?
Consumers is the law of supply and demand.
Why does the law of demand hold?
why does the4 law of demand holds
What do economists mean when they say that quantity demand and price have an relationship?
The law of demand states that when the price of a good or services falls, consumers buy more of it. As the price of a good or service increases, consumers usually buy less of it. In other words, quantity demanded and price have an inverse, or opposite, relationship.
What is the relation between boy and girl if the girls father in law is the father of boys father in law?
I would describe those two as siblings in law. It's not a precise description, but then, not every relationship has a term of its own to precisely describe it.
