Ask Question
18 November, 04:45

What 3 concepts explain the law of demand?

+4
Answers (1)
  1. 18 November, 05:03
    0
    Law of demand: At higher prices, a lower quantity will be demanded than at lower prices, other things being equal. Alternatively, at lower prices, a higher quantity will be demanded, other things being equal. The major nonprice determinants of demand are: (1) income, (2) tastes and preferences, (3) the price of related goods.
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “What 3 concepts explain the law of demand? ...” in 📗 History if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers