Question's Short Description
1: Shows inverse relationship between price and quantity demanded 2: When price rises, demand falls 3: When price falls, demand rises 4: Assumes income and tastes remain constant 5: Shown by a downward sloping demand curve
Question's Long Description
1: Consumers buy more at lower prices because of purchasing power effect
2: Lower price leads to substitution of cheaper goods for expensive ones
3: It helps businesses in pricing and sales forecasting
4: Exceptions include Giffen goods and Veblen goods
5: It is a fundamental concept in demand analysis
Reply to this Question
Reviews 0
sunal
2026-07-10 11:06:212: When price rises, demand falls
megha
2026-07-10 11:07:083: It helps businesses in pricing and sales forecasting
pratik
2026-07-10 11:07:574: Assumes income and tastes remain constant
tejas
2026-07-10 11:08:475: Shown by a downward sloping demand curve
kunal
2026-07-10 11:05:431: Shows inverse relationship between price and quantity demanded