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seropon [69]
1 year ago
5

Yesterday, the price

Social Studies
1 answer:
Sergio039 [100]1 year ago
3 0

The quantity demanded fall because the price increased. Here the goods follow the Law of Demand.

According to the Law of Demand, whenever there is an increase in price of a commodity then the demand for that commodity decreases. This is also true vice-versa. The price and demand for the commodity shares an inverse relation.  

There are many things which determine a demand like income of a consumer, preferences to buy a product and making a decision to buy a substitute for a product.

The questions regarding the supply of a product matching its demand in the market and setting the market prices are all answered by the law of demand and supply.

To know more about Law of Demand here

brainly.com/question/10782448

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