3 years ago

How would you expect an increase in the price of a good to affect its demand curve?

Social Studies

2 answers:

kondor19780726 [428]3 years ago

7 0

Lower demand, if there is a higher demand in a product then the cost would increase

sattari [20]3 years ago

7 0

The law of demand implies an inverse relationship between price and demand for a good or service, meaning that if the price rises, then the quantity of demand falls and vice versa. Graphically speaking, this explain the negative slope in the demand curve, so when the price varies. Then the change in the demand curve is just in its slope, reducing it if the price raises showing a reduce in quantity as well.

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