‘ \ND MB (agg. 5, LAW OF DEMA i “ea ‘he law of demand states that, other thin 8s being equal, quantity increases with a decrease in own price of the commedit, can oe ashore il words, there is an inverse relations re Ree itity deinanded of a commodity and its own price, othe, r the MMM constant. The term ‘othe. things being equal’ implies short. that all other determinants of demar ind, other than own price of the Present. commodity, remain constant. Explanation iii ot demand may be explained with the help of the following ‘mand schedule (Table 3): cs] ‘demand goods ane eves because thee Satisfy our wants The \Sanacty to Satiy aman \antsis caled Uti ‘Thus, we can tate that ‘goods ae Semandagtthe co modi indemand (fr conmody ) due to sibs Senin 0 =, of a commodity falls, oaumer Group: When p Oman afr fou. fecordngh dean Stemosty expe, ed ve rik expands "iptons to the Law of Demand Lot demand has some exceptions as SEmedtes whe demand expands, when atic when the rice al 8 Spe upward rom left ‘nS to the law. of demand: Citations, Veblen, there are stan CO hich a “artes of socal deter ae tert demanded oy bees ther very high, Pres fll they will no uses, Accordingly, demand for Following are some notablepes upward, asin Fig. 5, [ ‘When Law of Demand Falls jpward when Law of Demand ay is, the demand curve does nats {ete Bice increases from OP, to OP, demand extends rn COME, when pce decreases fom OP, tks fam Orie eee 02, to 00, As alrea stated, pos Setven de cid om tand and price of the commodity is est engi ts or hen gods are den eno ‘Spun Men consumers judge the ualty of a le nts ae or in mi comes o