law of demand en · NOUN
Meanings
- A principle which states that there exists an inverse relationship between the price of a good and the quantity demanded, such that as the price rises, the quantity demanded falls, and vice versa.
Forms
| Spelling | Features | Labels | Source |
|---|---|---|---|
| laws of demand | Number=Plur | lexicographic |
Relateds
Jevons paradox · Veblen good · supply and demand · Giffen good