Question

Discuss the inverse relationship between price and quantity demanded

Answer 1

Answer:

if the demand is high, the price will be low and if the demand is less, the price will be higher

Explanation:

Answer 2

Inverse relationship between price of any product or service and its quantity demanded implies that as the price of that product or service increases the quantity demanded for that product or service falls consequently and vise versa.

Explanation:

• In Microeconomics,price of any product or service is inversely or negatively related to its quantity demanded by the consumers or buyers.
• As any normal product or service becomes more expensive,consumers or buyers would consequently reduce their preference towards that product or service which leads to reduction or decrease in its consumer demand,holding everything else constant.
• Therefore,everything else constant,as price of any normal product or service increases or it becomes more expensive,its consumer demand would expectedly as it would take more money out of the consumer's or buyer's pocket now to purchase that particular product or service.
• The inverse or negative relationship between price and quantity demanded of any product or service is known as Law of Demand in Microeconomics.