WHAT IS LAW OF DEMAND WITH THE HELP OF A DIAGRAM

 The Law of Demand is a fundamental principle in economics that states:   

As the price of a good or service increases, the quantity demanded decreases, and vice versa, assuming all other factors remain constant.  

In simpler terms, this means that people tend to buy more of something when it's cheaper and less of it when it's more expensive.  

Let's illustrate this with a demand schedule and a demand curve:

Demand Schedule:

A demand schedule is a table that shows the relationship between the price of a good and the quantity demanded at each price, over a specific time period.

As you can see, as the price of apples decreases, the quantity demanded increases.   

Demand Curve:

A demand curve is a graphical representation of the demand schedule.

It plots the relationship between price and quantity demanded on a graph.   

The demand curve slopes downward from left to right, visually representing the inverse relationship between price and quantity demanded.   

Key Points:

• The Law of Demand is based on the idea that consumers make rational choices to maximize their satisfaction.
• It assumes that all other factors that could affect demand (like income, tastes, prices of related goods) remain constant.  
• The demand curve illustrates the relationship between price and quantity demanded for a specific good or service in a given market.