Textbook Definition: All else being held equal, an increase in the relative price of a good decreases the quantity demanded of that good; a decrease in the relative price of a good increases the quantity demanded of that good.
She-conomic Definition of First Law of Demand: Assume that a market exists for "dates with Rachel," and men are demanders of dates with Rachel. Suppose that Rachel is high-maintenance and that the "price" of a date with her is the dollar value of what she expects in a date: a fancy dinner, a movie, a ride in a BMW, a diamond ring, and a high-end dessert. If Rachel complains about not getting asked out, she can increase the quantity demanded of dates with her by becoming less fussy and accepting a lower price (e.g., dinner at a fast causal joint and watching a movie at home.)
Can you think of any Rachel- (or "Raymond"-) types, and if so, does the quantity of dates demanded with them seem to be inversely related to fluctuations in their "high-maintenance" level? If not, can you think of external factors unrelated to "price" that might affect demand for dates with certain individuals? (Econ 110 students: keep in mind the difference between change in "quantity demanded" and change in "demand--moving along a demand curve vs. shifting the curve in or out).
