Economics

Law of Demand

Law of Demand Every consumer pays the price of any commodity on the basis of its utility, and for any commodity, he will not pay more price/money than its utility, and utility will decrease with the increase in consumption, so any person can consume or demand any commodity only when its value falls. Thus we …

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Law of supply

Law of Supply – The supply of goods in the market is done by the producer or seller. Supply refers to the quantity of a commodity to be supplied by the producer (seller) of the commodity at different prices. Any supplier will supply an item in excess at a higher price or will supply less …

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