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9 July, 08:56

Give an example of when you've seen the law of demand working in real life

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  1. 9 July, 11:54
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    Answer: The law of demand states that the higher the price, the lower the quantity demanded and the lower the price, the higher the quantity demanded.

    I wanted to buy a biro sometimes ago. The biro normally cost 50 Naira, I wanted to buy two biros for 100 naira. On getting to the shop, I was informed the biro now costs 30 naira. Due to the reduction in price, I bought 3 instead of 2.
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