Explain the inverse relationship between price of a commodity and its quantity demanded

Asked by nishan | 19th May, 2017, 11:55: PM

Expert Answer:

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. That is why, demand curve is downward sloping.

Answered by Vanita Rana | 22nd May, 2017, 11:42: AM