In order for the relationship between price and quantity demanded to shift, (known as the level of demand), what would need to t

Question

Darya [45]

1 year ago

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In order for the relationship between price and quantity demanded to shift, (known as the level of demand), what would need to t

ake place?

Social Studies

1 answer:

vitfil [10] · Answer 1 · 2024-06-29T02:18:07+03:00

In order for the relationship between price and quantity demanded to shift, (known as the level of demand), the thing that would need to take place is that Consumer income increases.

<h3>What is the Understanding of Quantity Demanded?</h3>

The price of a product or services and that of quantity demanded for that given product is known to have an association that is said to be an inverse relationship.

Note that this inverse relationship connote that higher prices leads to in lower quantity demand as well as lower prices leads to higher quantity demand.

Therefore, In order for the relationship between price and quantity demanded to shift, (known as the level of demand), the thing that would need to take place is that Consumer income increases.

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