Becker's Law of Demand

Becker’s Law of Demand suggests that individual demand for a product depends on how much a person values it relative to its price. As the price of a good rises, people tend to buy less of it because they either cannot afford it or don't see enough value at that higher cost. Conversely, when prices fall, demand generally increases because the good becomes more affordable or appealing. This principle reflects basic economic behavior: consumers make choices based on their preferences and what they’re willing and able to pay, influencing overall demand patterns.