an increase in the price of a product will reduce the amount of it purchased because,

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The law of demand is a fundamental economic principle which states that people buy more at lower prices and less at higher prices. As the price of a product rises, consumers will usually purchase less of it because they can no longer afford to spend as much money on it. This universal economic principle holds true for all goods with one exception: Giffen Goods. A good may be considered a “Giffen Good” if an increase in its price actually leads to increased consumption by those who cannot sufficiently afford such an item or service, making them unable to consider other substitutes within their budget range. In this case, the consumer has not bought anything else due to being restricted financially but now finds themselves driven towards purchasing these items instead without even realizing they are doing so. The law of demand is a fundamental economic principle which states that people buy more at lower prices and less at higher prices. As the price of a product rises, consumers will usually purchase less of it because they can no longer afford to spend as much money on it. This universal economic principle holds true for all goods with one exception: Giffen Goods. A good may be considered a “Giffen Good” if an increase in its price actually leads to increased consumption by those who cannot sufficiently afford such an item or service, making them unable to consider other substitutes within their budget range. In this case, the consumer has not bought anything else due to being restricted financially but now finds themselves driven towards purchasing these

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