Question

notes on theory of demand

Answer 1

Explanation:

The law of demand expresses functional relationship between price and the quantity. ... Thus, lower the price, the larger is the quantity demanded of a commodity and vice-versa. The law thus, states that other things being equal the quantity demanded varies inversely with price.

Answer 2

—(••÷ Answer ÷••)—

꧁Demand theory describes the way that changes in the quantity of a good or service demanded by consumers affects its price in the market, The theory states that the higher the price of a product is, all else equal, the less of it will be demanded, inferring a downward sloping demand curve.꧂

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