Principles of Microeconomics / Unit 2 MIC 0103 short lesson, about 20 seconds
The Law of Demand
Captions available
The idea
The law of demand says that, other things unchanged, a higher price lowers the quantity demanded and a lower price raises it. Demand curves slope down.
In practice
A store with too many running shoes holds a sale to move more pairs.
Where people slip
The law holds for nearly every good because countless studies agree with it; unit five meets the rare exception.
Your place on the trail
Every lesson rests on earlier ones and opens later ones. Tap any to jump.
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