Assignment 1: Law of Demand
The Law of Demand states that the demand for a product is inversely related to the price of such product. Therefore, the demand for a product is considered downward sloping. This implies that quantity demanded increases when price decreases. Is this always true?
In your answer, provide at least three examples of products for which quantity demanded remains unchanged regardless of a change in price. Also, provide at least three examples of products for which quantity demanded increases in response to an increase in price. Also, include a discussion of the factors of demand that may account for such examples and justify your conclusions.
By Saturday, November 14, 2015, post your initial discussion response in the M2: Assignment 1 Discussion Area. By Wednesday, November 18, 2015, read all of the other students’ postings, and post comments in the Discussion Area on at least two other responses.