Saturday, September 1, 2018

Impression of law of demand

law of demand

It states that the other factors(resources) being continuous or persistent, cost and quantity demanded of any product or service are inversely(contrarily) related to each other when the price of a good increases,the demand for the exact similar good decreases.

Example- i went to a mall for buying a t-shirt with a budget(price) of 1000 .On that day there was a sale in the shop so i bought 2 t-shirt for 1000.so when quantity demanded increases price decreases.

No comments:

Post a Comment

IMPACT OF SOCIETY /SOCIAL GROUPS ON PURCHASE INTENTIONS OF HOME BUYING- Consumers are the most important factor that will make any bus...