• Print Page
• eMail Page

Search website for :

Home→The Westburn Dictionary of Marketing→D→demand, law of

demand, law of

Definition:
Indicates an inverse relationship between price and quantity, assuming the other determinants of demand, income, consumer changes, and the prices of substitutes are held constant. This causes the demand curve to have a negative slope, implying that the higher the price the smaller the quantity demanded in a period of time, and the lower the price the greater the quantity demanded.

Cross-References:

Links:

Figures:

© Westburn Publishers Ltd 2002, The Westburn Dictionary of Marketing edited by Michael J Baker, ISBN 978-0-946433-01-8. www.themarketingdictionary.com. Entry: [Michael J. Baker], [1998].