Law of Demand and Supply

📌 Law of Demand (Short Notes)

Law of Demand states that
When the price of a commodity increases, its demand decreases; and when the price decreases, its demand increases — other things remaining constant.

🔹 Price ↑ → Demand ↓
🔹 Price ↓ → Demand ↑

📈 Demand curve : Downward sloping from left to right.

📌 Law of Supply (Short Notes)

Law of Supply states that
When the price of a commodity increases, the quantity supplied increases; and when the price decreases, the quantity supplied decreases — other things remaining constant.

🔹 Price ↑ → Supply ↑
🔹 Price ↓ → Supply ↓

📈 Supply curve : Upward sloping from left to right.