ENTREPRENEURSHIP

Detailed explanation-1: -The amount of a good that buyers purchase at a higher price is less because as the price of a good goes up, so does the opportunity cost of buying that good. As a result, people will naturally avoid buying a product that will force them to forgo the consumption of something else they value more.

Detailed explanation-2: -What is Demand? The law of demand states that consumers buy more of a good when its price decreases and less when its price increases. The law of demand is the result of two separate behavior patterns that overlap, the substitution effect and the income effect.

Detailed explanation-3: -Because buyers have finite resources, their spending on a given product or commodity is limited as well, so higher prices reduce the quantity demanded.

Detailed explanation-4: -It’s a fundamental economic principle that when supply exceeds demand for a good or service, prices fall. When demand exceeds supply, prices tend to rise. There is an inverse relationship between the supply and prices of goods and services when demand is unchanged.

Detailed explanation-5: -The law of demand is a fundamental principle of economics that states that at a higher price, consumers will demand a lower quantity of a good.