What is an example of the law of demand in economics?

The law of demand simplifies the price-demand relationship by assuming that all other demand-affecting factors are constant. We can easily find many examples of economic behavior demonstrating the law of demand. For example, we are likely to buy more oranges if the price per dozen is $3 and less if the price per dozen is $6.

What is the law of demand?

It's an intuitive concept that tends to hold true in most situations (though there are exceptions). The law of demand is a foundational principle in microeconomics, helping us understand how buyers and sellers interact in the marketplace. Created by Sal Khan.

How does law of demand affect price?

C.E. Ferguson says that according to law of demand, the quantity demanded varies inversely with price. Paul A. Samuelson says that law of demand states that people will buy more at a lower prices and buy less at higher prices, other things remaining the same. There is no change in income of consumers. There is no change in the price of product.