law of demand

Popular Terms
Observation that, as a general rule, the demand for a product varies inversely with its price; lower prices stimulate demand and higher prices dampen it. Law of demand holds in most instances, except in case of Giffen good.

Use 'law of demand' in a Sentence

If your business is going well and you can't keep the products on the shelf then the law of demand dictates you raise the price.
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The Chips Ahoy cookies have been on sale recently which makes me think the Law of Demand for them must be getting higher.
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One can analyze the process of the exchange of goods and services but if they ignore the law of demand they would be mistaken.
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