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A demand schedule shows the relationship between the quantity demanded of a commodity over a given peiord of time and?
quantity supplied
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.
When more units of commodity are purchased in response to decline in price is called?
When more units of a commodity are purchased in response to a decline in price, it is referred to as the "law of demand." This economic principle states that, all else being equal, as the price of a good decreases, the quantity demanded by consumers increases. This relationship typically results in a downward-sloping demand curve.
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.
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
How Can The negative relationship between the quantity demanded of a commodity and its price be explained by the principle of?
Supply and Demand. When the supply of an available product goes up, the price goes down - unless the merchant can do something to increase the demand for the product as well. The "something" is generally "advertising". If the demand for a product goes up, the price will generally also rise, which will either lower demand (fewer people want to pay the higher price) or increase supply (another merchant starts selling an equivalent product).
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.
What is the relationship between the price and the quantity demanded?
The relationship between price and quantity demanded is inverse, meaning as the price of a product increases, the quantity demanded by consumers tends to decrease, and vice versa. This is known as the law of demand in economics.
Market demand curve?
the market demand curve is the curve related to the demand of the commodity demanded by the group of people to the at different price.
What is autonomous demand?
When a particular commodity is demanded for its own sake it is known as autonomous demand. Demand for house is an example for autonomous demand.
If price rises from 15 to 25 and quantity demanded falls from 20 to 10 units this commodity would have what demand?
increased demand
What are the three characteristics of the demand curve?
Characterstics of demand curve are-- 1) It is a curve from left to right 2) It shows the quantity demanded and price of a commodity 3) Higher the price lesser is the quantity demanded and vice-versa
