What will happen to your demand for apples if price of apples rises from Rs 80 per kg to Rs 100 per kg, assuming that your income, taste and preferences etc. do not change?
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Answer:
The demand for apples shall be higher if the price increases.
Explanation:
- When the price for a comodity goes higher, then the comodity shall be in higher demand.
- Like wise, when the price of the comodity goes down, then the demand shall be low due to high supply.
- Supply of a commodity affects its demand in that, in much demand, there is low supply and in high supply, there is low demand.
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