The credit for propounding the law of demand goes to Alfred Marshall,According to him there is a negative relationship between the price and the demand for any commodity .That is increase in price decrease the demand and decrease in price increase the demand for any commodity .Thus,the negative relation ship between price and demand for a commodity is known as law of demand.
According to marshall:-other thing remaning the same the amount demanded increase with a fall in price and diminishe
s with a rise in price.Thus,the law of demand reflects the close relation ship between the price and quantity demand .That is when price of commodity is low the demand is high and when price of commodity is high the demand is less.So,the law of demand shows the change in the price of the commodity demanded ,but it does n't tell any thing about the change in the amount of quantity demanded due to any change in the price.
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