ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -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.

Detailed explanation-2: -The demand for Blu-ray players will remain the same. The reduction in the cost of production of the player will only affect the supply of the players and not the demand.

Detailed explanation-3: -Quantity demanded depends on the price of a good or service in a marketplace. The price of a product and the quantity demand for that product have an inverse relationship, according to the law of demand.

Detailed explanation-4: -An inward shift of demand causes price to fall and also the quantity exchanged to fall. The amount of change in price and quantity, from one equilibrium to another, is dependent upon the elasticity of supply.