ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -** The demand schedule shows that as price rises, quantity demanded decreases, and vice versa. These points are then graphed, and the line connecting them is the demand curve. The downward slope of the demand curve again illustrates the law of demand-the inverse relationship between prices and quantity demanded.

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 price of a product and the quantity demanded for that product have an inverse relationship, as stated by 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-4: -According to the law of demand, there is an inverse relationship between price and quantity demanded. That is, the demand curve for goods and services slope downward.