Alfred Marshall Definition:
Alfred Marshall defined that “the greater the amount sold, the smaller should be the price at which it is offered, in order that it might find purchasers; or in another words, the amount demanded raises with a fall in price and diminishes with increase in price”. According to Ferguson, the law of demand is that the amount required differs inversely with price.
Therefore the law of demand defines that people will buy more at lower prices and buys less at higher prices, other things remaining similar. By other things remaining similar, we mean the following suppositions.Assumptions of the Law:
1. No transform in the consumer’s income.2. No modifications in consumer’s preferences and tastes.3. No alters in the prices of another goods4. No new replacements for the goods have been revealed5. People do not feel that the current fall in price is a prologue to a further refuse in price.Demand schedule is a tabular statement viewing how much of a commodity is demanded at various prices.
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