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Written by:

Christopher G


Date added:

February 25, 2015








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2 / 342


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It shows two points on the Demand Curve (Grey Line) which have been plotted depending on the prevalent market price of the product. And, the equivalent level in sales is also visible. One can clearly see that when the price is lower, the quantity demanded is higher, and when the price is hiked, the quantity demanded goes down...
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Some of the notable Exceptions to the Law of Demand are - • Giffen Goods • Status Symbols • Basic necessities Another important term that one needs to remember in relation to Demand is the Price Elasticity of Demand. It is a factor which monitors the responsiveness of demand to the fluctuations in price of the commodity...
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