ECONOMICS
DEMAND
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Go down
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Go up
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Stay the same
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None of the above
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Detailed explanation-1: -Increase in population increases the demand for goods in the market. Hence, the market demand for many commodities has increased in India.
Detailed explanation-2: -If the price decreases, quantity demanded increases. This is the Law of Demand. On a graph, an inverse relationship is represented by a downward sloping line from left to right.
Detailed explanation-3: -It’s a fundamental economic principle that when supply exceeds demand for a good or service, prices fall. When demand exceeds supply, prices tend to rise. There is an inverse relationship between the supply and prices of goods and services when demand is unchanged.
Detailed explanation-4: -An increase in demand will cause an increase in the equilibrium price and quantity of a good.