1 year ago

Yesterday, the price

1 answer:

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

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