ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Thus, the price of a product and the quantity demanded for that product have an inverse relationship, as stated in the law of demand. An inverse relationship means that higher prices result in lower quantity demand and lower prices result in higher quantity demand.

Detailed explanation-2: -The law of demand states that the quantity purchased varies inversely with price. In other words, the higher the price, the lower the quantity demanded. This occurs because of diminishing marginal utility.

Detailed explanation-3: -Law of demand is a fundamental principle of Economics, it states that quantity demanded is always inversely related to the price of the goods. In other words, with increase in price, quantity demanded will be less and vice versa.

Detailed explanation-4: -The amount demanded increases with a fall in price and diminishes with the rise in price. According to Ferguson, the law of demand is that the quantity demanded varies inversely with its price.

Detailed explanation-5: -If the price goes up, the quantity demanded goes down (but demand itself stays the same). 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.