Describe what is revealed through the law of demand. Explain what the law of demand

The law of demand is one of the most fundamental concepts in economics. It works with the law of supply to explain how market economies allocate resources and determine the prices of goods and services that we observe in everyday transactions.

The law of demand states that quantity purchased varies inversely with price. In other words, the higher the price, the lower the quantity demanded. This occurs because of diminishing marginal utility.

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The President of India is the head of the State. He exercises only nominal powers. He is not elected directly by the people. All the members of Parliament i.e. MPs and Members of State Legislative Assemblies i.e. MLAs elect him. A candidate standing for President's post has to get a majority of votes to win the election. This ensures that the President can be seen to represent the entire nation.