Question

Why is there is an inverse relationship between price and quantity demanded? Explain.

Answer 1

Explanation:

The inverse relationship between price of a commodity and its quantity demanded is explained by law of demand. The Law of Demand states that while other things remaining constant, the quantity of a good demanded increases with a fall in the price and diminishes when the price increases.

Answer 2

Answer:

According to the law of demand, there is an inverse relationship between price and quantity demanded. That is, the demand curve for goods and services slope downward. ... When the price of a good increases, consumers' purchasing power decreases, and they cannot buy as much of the good as they did prior to the price change.

The inverse relationship between the price of a commodity and its quantity demanded is explained by the law of demand. The Law of Demand states that while other things remain constant, the quantity of a good demanded increases with a fall in the price and diminishes when the price increases.

Explanation:

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