<P> In microeconomics, the law of demand states that, "conditional on all else being equal, as the price of a good increases (↑), quantity demanded decreases (↓); conversely, as the price of a good decreases (↓), quantity demanded increases (↑)". In other words, the law of demand describes an inverse relationship between price and quantity demanded of a good . Alternatively, other things being constant, quantity demanded of a commodity is inversely related to the price of the commodity . For example, a consumer may demand 2 kilograms of apples at Rs 70 per kg; he may, however, demand 1 kg if the price rises to Rs 80 per kg . This has been the general human behaviour on relationship between the price of the commodity and the quantity demanded . The factors held constant refer to other determinants of demand, such as the prices of other goods and the consumer's income . There are, however, some possible exceptions to the law of demand, such as Giffen goods and Veblen goods . </P> <P> Mathematically, the inverse relationship described by the law of demand may be expressed as: </P>

According to the law of​ demand a decrease in the price of a good causes