Ask Question
BusinessBusiness
13 May, 05:09

Give an example of when you've seen the law of demand working in real life

+5
Answers (1)
  1. 13 May, 05:41
    0
    Answer: The law of demand states that the higher the price, the lower the quantity demanded and the lower the price, the higher the quantity demanded.

    I wanted to buy a biro sometimes ago. The biro normally cost 50 Naira, I wanted to buy two biros for 100 naira. On getting to the shop, I was informed the biro now costs 30 naira. Due to the reduction in price, I bought 3 instead of 2.
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “Give an example of when you've seen the law of demand working in real life ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers
You Might be Interested in
What is always true about trial balance reports? (You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a
Answers (1)
Which key function in business readies products for production and delivers them to the market
Answers (1)
Consider the following hypothetical transactions of the Balance of Payments of Country A: 1. Country A's firms export to Country B $100 worth of grain 2. Country A's firms import from Country C $500 worth of steel 3.
Answers (1)
At the present time, Western Gas & Electric Company (WGC) has 10-year noncallable bonds with a face value of $1,000 that are outstanding. These bonds have a current market price of $1,278.
Answers (1)
What similarities do you see in current-day medicine and medicine in ancient times? What differences do you see in current-day medicine and medicine in ancient times?
Answers (1)
New Questions in Business
The Halpert Group produces a single product selling for $ 20 per unit. Variable costs are $ 2 per unit and total fixed costs are $ 10,000. What is the contribution margin ratio?
Answers (1)
Virginia supply offers their customers trade credit with terms 2/15, net 30. this implies that:
Answers (1)
Helga wrote this citation on her paper. "Global Sea Turtle Populations Decline." Sea Turtle Restoration Project. 26 May 2002. Web. 22 Sept. 2006. This best represents a A. book citation. B. magazine citation. C. web page citation. D.
Answers (2)
What were the two main opposing views of Adam Smith and Karl Marx?
Answers (1)
A company plans to issue new Preferred Stock that pays 6% on the Par Value of $25. Similar preferred stocks are current selling in the market for Pp = $28.
Answers (1)
Home » Business » Give an example of when you've seen the law of demand working in real life
Sign Up Forgot Password?