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When the price of a commodity increases the quantity demanded from that commodity is expected to decline?
When the price of a commodity increases, consumers typically react by purchasing less of that commodity, leading to a decline in quantity demanded. This behavior is driven by the law of demand, which states that, all else being equal, higher prices result in lower quantities demanded because consumers may seek substitutes or reduce their overall consumption. Additionally, higher prices can limit affordability, further decreasing demand.
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Discuss the higher the price of the commodity the lower the quantity demanded and vice versa?
when the price of a commodity is high,consumers will go for another product almost the same as the one that the price is high,so that makes the quantity demanded of the commodity that the price low and vice versa
A demand schedule shows the relationship between the quantity demanded of a commodity over a given peiord of time and?
quantity supplied
What causes an increase in the quantity supplied?
when the price of the commodity increases
What is price determinant?
The price determinates are the factors that will determine the price of a particular commodity, These factors are quantity supplied, quantity demanded and the cost of production.
According to the law of demand As prices rise ceteris paribus demand increases demand decreases quantity demanded decreases quantity demanded increases?
According to the law of demand, as the price of a good or service increases (ceteris paribus), the quantity demandeddecreases (and vice versa).
Why is price of a commodity is inversly related to quantity demand?
The price of a commodity is inversely related to quantity demanded because as the price of a commodity decreases, more consumers are willing and able to purchase it due to increased affordability. This leads to an increase in quantity demanded. Conversely, as the price of a commodity increases, the quantity demanded tends to decrease as consumers may find it less affordable or seek alternative options.
What is the principle of demand?
The law of demand states that all other things being equal, as the price of a commodity falls quantity demanded increases and vice versa.
Discuss the higher the price of the commodity the lower the quantity demanded and vice versa?
when the price of a commodity is high,consumers will go for another product almost the same as the one that the price is high,so that makes the quantity demanded of the commodity that the price low and vice versa
The negative relationship between the quantity demanded of a commodity and its price can be explained by the principle of?
true
A demand schedule shows the relationship between the quantity demanded of a commodity over a given peiord of time and?
quantity supplied
What causes an increase in the quantity supplied?
when the price of the commodity increases
What is price determinant?
The price determinates are the factors that will determine the price of a particular commodity, These factors are quantity supplied, quantity demanded and the cost of production.
What determine price?
The price determinates are the factors that will determine the price of a particular commodity, These factors are quantity supplied, quantity demanded and the cost of production.
According to the law of demand As prices rise ceteris paribus demand increases demand decreases quantity demanded decreases quantity demanded increases?
According to the law of demand, as the price of a good or service increases (ceteris paribus), the quantity demandeddecreases (and vice versa).
As price falls quantity demanded?
increases assuming cetaris peribus
When the price of an item decreases the quantity demanded increases When the price of an item increases the quantity demanded decreases?
This relationship is known as the law of demand in economics. When the price of an item decreases, consumers are more likely to purchase more of it, leading to an increase in quantity demanded. Conversely, when the price rises, the item becomes less attractive to consumers, resulting in a decrease in quantity demanded. This inverse relationship between price and quantity demanded reflects consumer behavior and preferences.
What is theory of demand in economics?
The theory of demand states that the relation between price and quantity demanded is inversely proportional i.e. if prices go up, quantity demanded falls if prices go down, quantity demanded increases
