Illustrates opinion of Samuelson to explain Law of Demand
Illustrates the opinion of Samuelson for explaining Law of Demand?
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In the opinion of Samuelson, “Law of Demand illustrates that people will buy more at lower price and buys less at higher prices”. Conversely, while other things remaining similar an increase in the price of a commodity will reduces the quantity demanded of which commodity and reduces in the price will raises the demand of such commodity. Therefore the relationship explained by the law of demand is an inverse or negative relationship since the variables (demand and price) move in opposite direction. This shows the cause and consequence relationship between quantity and price demand.
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