<span>It established the belief that not even the king is above the law.</span>
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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<span>The three basic economic systems are Market
Economy, Mixed Economy, and Planned Economy. Basically, an economic system refers
to the different systems of production, allocation of resources, exchanges, and
distribution of goods and services. This happens in almost all societies but differs
in the policies that are being implemented and followed.</span>