ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -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-2: -Inverse Relationship of Price and Demand 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-3: -The law of demand says that quantity demanded varies inversely with price, other things constant. Thus, the higher the price, the smaller the quantity demanded.

Detailed explanation-4: -Law of demand states: As price of a good increases, the quantity demanded of the good falls, and as the price of a good decreases, the quantity demanded of the good rises, ceteris paribus. Restated: there is an inverse relationship between price (P) and quantity demanded (Qd).

Detailed explanation-5: -The ‘Law Of Demand’ states that, all other factors being equal, as the price of a good or service increases, consumer demand for the good or service will decrease, and vice versa. Demand elasticity is a measure of how much the quantity demanded will change if another factor changes.