Question

Graphically explain the relationship between the quantity demanded of commodity and it's price per unit under various circumstances

Answer 1

The Slope of the Demand Curve:

The demand curve in Fig. 3.1 illustrates the Law of Demand which states that the quantity demanded of a commodity increases when its price falls. The converse is also true the quantity demanded falls when price rises. Thus there is a negative (inverse) relation between price and quantity.

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