Concepedia

Concept

law of demand

Parents

99

Publications

6.9K

Citations

164

Authors

87

Institutions

About

Law of demand is a fundamental economic principle postulating an inverse relationship between the price of a good or service and the quantity of that good or service demanded by consumers, assuming all other factors remain constant (ceteris paribus). This concept investigates consumer behavior in response to price fluctuations, explaining how changes in price influence the quantity of a product or service consumers are willing and able to purchase in a market. Its key characteristics include the empirical observation of a downward-sloping demand curve and its reliance on the ceteris paribus condition to isolate the effect of price. Significance lies in its foundational role within microeconomic theory, serving as a critical tool for analyzing market dynamics, predicting consumer responses, and informing pricing strategies and economic policy.

Top Authors

Rankings shown are based on concept H-Index.

HS

University of Chicago

WH

University of Bonn

JQ

University of Oxford

WF

University of Mississippi

HL

Columbia University

Top Institutions

Rankings shown are based on concept H-Index.

Columbia University

New York, United States

University of Mississippi

Oxford, United States

New York University

New York, United States

Tufts University

Medford, United States