The law of demand is one of the most fundamental concepts in economics. Alongside the law of supply, it explains how market economies allocate resources and determine the prices of goods and services.

The author and editors take ultimate responsibility for the content. Most people have heard of the law of supply and demand, but you might not know exactly what it means. Supply and demand are two ...

Investopedia / Daniel Fishel The law of diminishing marginal utility predicts that consumers will gain more satisfaction from the first unit of a product they purchase than from additional ...