ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -In a typical demand schedule, quantity demanded varies inversely with price. The law of demand states that a higher price typically leads to a lower quantity demanded. Demand Schedule: The demand schedule, in economics, is a table of the quantity demanded of a good at different price levels.

Detailed explanation-2: -In a typical supply and demand relationship, as the price of a good or service rises, the quantity demanded tends to fall. If all other factors are equal, the market reaches an equilibrium where the supply and demand schedules intersect.

Detailed explanation-3: -False. Quantity demanded and price are inversely related. By inversely related we mean that as the price of the goods increase the demand of that commodity decreases and vice versa.

Detailed explanation-4: -A demand curve represents the relationship between the price of a good or service and the quantity demanded for a given period of time. Typically, as the price rises, the demand falls; as a result, the curve slopes down from left to right.

Detailed explanation-5: -As we can see on the demand graph, there is an inverse relationship between price and quantity demanded. 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.