law of demand

Definition

If supply is held constant, an increase in demand leads to an increased market price, while a decrease in demand leads to a decreased market price.

Use law of demand in a sentence

The law of demand was useful in explaining the price volatility for the product in the target market's region today.

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I learned about the rules of supply and demand, but I was more interested in the law of demand and read a lot more about that.

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In accordance with the economic law of demand, when the demand for a product increases, the price of that product will also increase.

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law day quantity demanded