ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -An increase in quantity demanded is caused by a decrease in the price of the product (and vice versa). A demand curve illustrates the quantity demanded and any price offered on the market. A change in quantity demanded is represented as a movement along a demand curve.

Detailed explanation-2: -The demand curve will move downward from the left to the right, which expresses the law of demand-as the price of a given commodity increases, the quantity demanded decreases, all else being equal. Note that this formulation implies that price is the independent variable, and quantity the dependent variable.

Detailed explanation-3: -Supply of goods and services Price is what the producer receives for selling one unit of a good or service. An increase in price almost always leads to an increase in the quantity supplied of that good or service, while a decrease in price will decrease the quantity supplied.

Detailed explanation-4: -A change in the price of a good or service causes a movement along a specific demand curve, and it typically leads to some change in the quantity demanded, but it does not shift the demand curve.

Detailed explanation-5: -Elastic Demand Note that a change in price results in a large change in quantity demanded. An example of products with an elastic demand is consumer durables.