ECONOMICS
DEMAND
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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directly with a rise in price.
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inversely with a rise in price.
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proportionally with a rise in price.
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in response to changes in the conditions of demand.
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Detailed explanation-1: -What is Law of Demand. Definition: The law of demand states that other factors being constant (cetris peribus), price and quantity demand of any good and service are inversely related to each other. When the price of a product increases, the demand for the same product will fall.
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: -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-4: -The Law of Demand means that the quantity demanded of a good/service varies inversely with its price. In other words, when the price is high, the quantity demanded goes down. A high price discourages people from buying a product. As the price of a product rises, consumers will buy less of it.
Detailed explanation-5: -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.