Law of Demand

Introduction 

The law of demand was introduced by prof. Alfred Marshall in his book ,'principles of economics' which was published in 1890. The law explains the functional relationship between price and quantity demanded.

  

Statement of the law

According to prof. Alfred Marshall , " Other thing being constant , higher the price of a commodity , smaller is the  quantity demanded and lower  the price of  a commodity ,  larger is the quantity demanded "

  

Demand curve