How is the law of demand related to the demand curve?

Question

How is the law of demand related to the demand curve?

Answer 1

The demand curve is negatively sloped...  So people demand higher quantities at lower prices and less quantities at higher ones.

Answer 2

The law of demand states that, if all other factors remain equal, the higher the price of a good, the less people will demand that good. In other words, the higher the price, the lower the quantity demanded. The amount of a good that buyers purchase at a higher price is less because as the price of a good goes up, so does the opportunity cost of buying that good. As a result, people will naturally avoid buying a product that will force them to forgo the consumption of something else they value more. This can be illustrated with a graph. The demand curve is a downward slope. If you would like to view this curve please click the link.

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