law of demand |
Definition
Observation that, as a general rule, the demand for a product varies inversely with its price—lower prices stimulate demand and higher prices dampen it. Law of demand holds in most instances, except in case of Giffen good.
email to a friend
print this definition
cite this definition
link to this page
law of demand is in the Economics, Politics, & Society subject.
This content can be found on the following page:
http://www.businessdictionary.com/definition/law-of-demand.html