no edit summary
The '''law of demand''' states the following equivalent things:
* The [[price-elasticity of demand]] for a good is non-positive
, and typically negative.* As the price of a good increases, the demand for it decreases.* As the price of a good decreases, the demand for it increases.
Goods satisfying the law of demand are termed [[ordinary good]]s. Examples of goods that (appear to) fail the law of demand are [[Veblen good]]s and [[Giffen good]]s.