The law of demand is termed a ‘law’ primarily because c) it has been demonstrated repeatedly. This concept in economics articulates a consistent relationship between the price of a good or service and the quantity demanded by consumers. According to the law of demand, when the price of a product decreases, the quantity demanded typically increases, and vice versa.
To understand why this principle is considered a law, it’s essential to recognize that it has been backed by extensive empirical evidence over time. Economists have observed this pattern in various markets, leading to its acceptance as a fundamental economic principle. Unlike legal statutes, economic laws like this one are not legally enforced but are derived from observed behavior in different market conditions.