ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -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.

Detailed explanation-2: -The Law of Demand In other words, the higher the price, the lower the level of demand. Because buyers have finite resources, their spending on a given product or commodity is limited as well, so higher prices reduce the quantity demanded. Conversely, demand rises as the product becomes more affordable.

Detailed explanation-3: -What Is a Decrease in Quantity Demanded? A decrease in quantity demanded represents movement along the demand curve with changes in price. Take the example of the demand for avocados. When the price is high, at $2, consumers are less likely to buy, and the demand is low.

Detailed explanation-4: -If the price of a good falls, the quantity demanded of that good increases. The relationship between the quantity demanded and the price of a good when all other influences on buying plans remain the same. Demand is a list of quantities at different prices and is illustrated by the demand curve.

Detailed explanation-5: -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.