Law of Demand and Its Wonderful Characteristics
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22nd Sep 2020
What is Law of Demand?
Law of Demand depends upon the market condition of a product. If the product’s price falls, its demand increases and if the product’s price increases, the demand falls; other commodities remaining constant. This is known as Law of Demand. In other words, demand of a product is inversely proportional to its price. We can understand this with the help of an example. Let a person purchases a pack of biscuits in rupees 100. Later the price drops, he purchases two packs or even more in rupees 100. But if the price of biscuits increases from 100 per pack, he may not even purchase. The buying is in bulk during the off season sales of different products.
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What are Its Characteristics?
The demand of a product depends upon its price and some other factors like related products, consumer choices, income of customers and their preferences. These factors remain constant when we chalk out relationship between price and demand directly. There are some exceptions also to the Law of Demand like Giffen goods (here price increases and so is demand), distinct articles (Demand proportional to price), ignorance of customers (purchasing at higher prices), crisis situations (recession in which fall in price does not increase demand) and future expectations (expected high price in future, more buying). These affect both price and demand adversely so the Law of Demand is not fulfilled in this case. The characteristics of Law of Demand are discussed below:
- Inverse relation between price and demand: This relationship states that if price of a commodity increases, its demand decreases. Sometimes, if demand increases, price increase is seen. This is an exception to the law of demand.
- Price is independent variable but demand is dependent variable: It is shown as a mathematical relation. It says that demand is dependent on price. If price changes demand also changes accordingly.
- Other things remain constant: The Law of Demand is applicable in true terms if all other things related to it remain constant or in other words, exceptions are not there to affect it.
- It is qualitative: The Law of Demand is qualitative and quantitative. This means that it shows the inverse relation between price and demand but it does not show that how much the price is changed and how much change in demand occurs.
- It is a periodic law: We apply the Law of Demand for a particular period of time like weekly, biweekly, monthly, quarterly and annually.
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