ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -The law of demand states that when the price of a product goes up, the quantity demanded will go down – and vice versa.

Detailed explanation-2: -The total number of units purchased at that price is called the quantity demanded. An increase in the price of a good or service almost always decreases the quantity demanded of that good or service. Conversely, a decrease in price will increase the quantity demanded.

Detailed explanation-3: -Vertical price fixing refers to. controlling agreements between independent buyers and sellers whereby sellers are required to not sell products below a minimum retail price.

Detailed explanation-4: -In markup pricing, marketers add a certain amount to the cost of the product to set the final price. amount a product sells for above the total cost of the product itself.