law of demand

Definition of law of demand

: a statement in economics: the quantity of an economic good purchased will vary inversely with its price — compare inferior good

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Cite this Entry

“Law of demand.” The Merriam-Webster.com Dictionary, Merriam-Webster Inc., https://www.merriam-webster.com/dictionary/law%20of%20demand. Accessed 12 December 2019.

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