ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -The statement is true. Demand is defined as the significant relationship between a commodity’s price and the quantity demanded of it when all other influences of the plans belonging to the buyers remain constant.

Detailed explanation-2: -In economics, quantity demanded refers to the total amount of a good or service that consumers demand over a given period of time. Quantity demanded depends on the price of a good or service in a marketplace.

Detailed explanation-3: -Quantity demanded is the total amount of goods and services that consumers need or want and are willing to pay for over a given time. The important factor in a demand curve is the price consumers are charged for a good or service, irrespective of whether that is the market equilibrium price.

Detailed explanation-4: -Demand is generally considered to slope downward: at higher prices, consumers buy less. The point at which the two curves intersect represents the market-clearing price-the price at which demand and supply are the same. Prices can change for many reasons (technology, consumer preference, weather conditions).