What Is the Law of Demand?

Question

anonymous · Answer

Hello,

The law of demand states that consumers buy more of a good when its price decreases and less when its price increases. 

$\textbf{How did the law come to be? }$
The law of demand is the result of two separate behavior patterns that overlap, the substitution effect and the income effect. These two effects describe different ways that a consumer can change his or her spending patterns for other goods.

Peace.

domebotnos · Answer

Thank you :)
my nexy question involves substitution effect and the income effect can you help me since we are already talking about it should i post the question here or in a new post? @Algorithmic

anonymous · Answer

You are welcome.

Post a new thread for a new question, as that is per the rules of OpenStudy. (Just tag me once you open it.)

Thank you, peace.