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CBSE Class 12-commerce Answered

why do people purchase more at less price and less at high price?
Asked by subhalaxmi943 | 17 Feb, 2019, 09:15: PM
answered-by-expert Expert Answer
Based on the law of demand and supply, when the price decreases, demand increases and when  price increases demand decreases. This is based on various factors like purchasing power of the people, likes and dislikes of the people, etc. 
When the item is available at lower prices, people tend to consume more units of the item available to them at a lower price. Therefore, when the price goes down, people purchase more to avail more units of the item and vice versa.
Answered by Surabhi Gawade | 17 Feb, 2019, 09:25: PM

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