Laws of Demand
4 min readApr 29, 2021
Supply and Demand are the main components of a market and determine how the price of a product is determined.
The demand curve shows the inverse relationship between the price and the quantity bought based on that price. There are 2 main reasons for this inverse relationship:
- Willingness To Pay: As the price of a good rises, its price may exceed its marginal utility in which case the consumer becomes unwilling…