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.

  The demand for a particular product is inversely related to the price of such product is not alway a true statement. It also is not always accurate to state that the implication of when quantity demanded increases when a price decreases due to the fact that other factors can come into play, as for some examples; the consumers ability to pay, their willingness to pay and if they even like what is being offered(Colander,2008,p83).

Baby products has always in demand since the care of a baby is important. Diapers are high in demand, even though they are expensive parents continue to buy diapers for their children and other kids in their family. Baby milk is another baby product that is always a need for little babies to survive. Baby milk steady have increased in prices but because of the need to feed their little babies they will be purchased regardless of the prices. Gasoline that we operate our cars with is another example of one product for which the quantity demand remains unchanged regardless of change in price. We need gas to make our cars run and transport us around so we have to pay for the gas no matter how much the price is. Another primary example of a product for which the quantity demand remains unchanged regardless of change in price is rent. My landlord went up on the tenants rent because he had to do almost...