The law of demand is a fundamental principle in economics which states that, all other factors being constant, there is an inverse relationship between the price of a good and the quantity of that good which buyers are willing and able to purchase. In other words, as the price of a good increases, the quantity demanded for that good will decrease, and as the price of a good decreases, the quantity demanded for that good will increase. The law of demand can be expressed both qualitatively and quantitatively. Qualitatively, the law of demand is a statement about the direction of the relationship between price and quantity demanded, without specifying the exact magnitude of the change. For example, we can say that "an increase in the price of a good will lead to a decrease in the quantity demanded, ceteris paribus," which is a qualitative statement. On the other hand, the law of demand can also be expressed quantitatively by using demand schedules and demand curves to show the exact relationship between price and quantity demanded. This allows us to measure the magnitude of the change in quantity demanded in response to a change in price, and to calculate the price elasticity of demand. So, while the law of demand can be expressed qualitatively, it can also be expressed quantitatively, making it a statement that has both qualitative and quantitative dimensions.
Discover clear and detailed answers to common questions about Supreme Court. Learn about procedures and more in straightforward language.
