ECONOMICS
DEMAND
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
the higher the price, the more people will want the good
|
|
|
everyone has a limited income that they will spend
|
|
|
when a good’d price is lower, people will buy more of it
|
|
|
services are of interest in the same way that goods are
|
Detailed explanation-1: -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 when the price of a product goes up, the quantity demanded will go down – and vice versa.
Detailed explanation-3: -The law of demand states that a higher price leads to a lower quantity demanded and that a lower price leads to a higher quantity demanded.
Detailed explanation-4: -The Law of Demand. The law of demand says that rising prices reduce demand. So as prices rise, customers buy less.
Detailed explanation-5: -Economists call this the Law of Demand. 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.