The law of demand states that higher prices lead to lower demand from "summary" of Basic Economics by Thomas Sowell
The law of demand is a fundamental principle in economics that helps us understand how price changes affect consumer behavior. According to this law, when the price of a good or service goes up, the quantity demanded by consumers tends to decrease. In other words, higher prices lead to lower demand. This concept is based on the idea that consumers are generally rational and will seek to maximize their satisfaction or utility. When the price of a product increases, consumers are likely to find it less attractive compared to other alternatives that offer better value for money. As a result, they may choose to buy less of the product or switch to substitutes that are more affordab...
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