Question

Use the graph to answer the question that follows.

Answer 1

When the price of the good is above 50 dollars the quantity demanded would be less than 100 units.

How does price affect demand?

The price of a good is known to have an inverse relationship with the quantity of the good that would be bought by its consumers.

The equilibrium price and quantity is at 50  $ and 100 respectively. If the price of the commodity rises above 50, people would demand less for the good.

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Answer 2

When the price rises, the amount demanded decreases (but demand itself stays the same). Hence option B

What is the relationship between price and demand?

According to the law of demand, a higher price results in a lower amount demanded, whereas a lower price results in a bigger quantity demanded. The tools used to summarize the relationship between quantity desired and price are demand curves and demand schedules.

The price of a good is known to be inversely proportional to the quantity of that good purchased by its customers.

Hence, Option B is the correct answer The price and quantity at equilibrium are $50 and $100, respectively. People will want less for the thing if the price of the commodity climbs over 50.

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