CBSE Class 12-commerce Answered
Explain the inverse relationship between price of a commodity and its quantity demanded
Asked by nishan | 19 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 | 22 May, 2017, 11:42: AM
CBSE 12-commerce - Economics
Asked by nishan | 19 May, 2017, 11:55: PM
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