When the price is lower, with a condition other factors remain equal, the more people would buy the product. That means the demand would increase. When the price increases, fewer people would buy the products, means the demand would decrease.
<h3>Further explanation
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In the market, supply and demand always shift until the market finds the equilibrium price. Equilibrium is the condition when demand meets supply and the price stabilize. Multiple factors can affect both supply and demand This factors included consumer preferences, product substitutes, the price of the complementary product, production cost, supply chain and the number of competitors.
The law of demand explains when the price goes up, people will less likely to buy the product, it means that the demand will decreases. In other words, the higher the price, the lower the quantity demanded. On the other hand, the law of supply stated when the price of goods increase, so the supply will increase too. It because by selling at a higher price will increase revenue.
<h3>Learn more
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Equilibrium in the market brainly.com/question/1107749
Supply and demand brainly.com/question/2306198
Changing Prices affected supply and demand brainly.com/question/1600736
Keywords: demand curve, prices, supply, demand, equilibrium, law of demand and supply