law of demand

noun

A principle which states that there exists an inverse relationship between the price of a good and the quantity demanded, such that as the price rises, the quantity demanded falls, and vice versa.

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Meanings

nounlaw of demand (plural laws of demand)

plural laws of demand

  1. economicsA principle which states that there exists an inverse relationship between the price of a good and the quantity demanded, such that as the price rises, the quantity demanded falls, and vice versa.
Cite this entry
APA

law of demand. (n.d.). In WatkinsX Dictionary. Retrieved November 5, 2026, from https://dictionary.watkinsx.com/word/law%20of%20demand

MLA

“law of demand.” WatkinsX Dictionary, https://dictionary.watkinsx.com/word/law%20of%20demand. Accessed November 5, 2026.

Chicago

WatkinsX Dictionary, s.v. “law of demand,” accessed November 5, 2026, https://dictionary.watkinsx.com/word/law%20of%20demand.

Source: law of demand on Wiktionary, CC BY-SA 4.0.