Yesterday, the price

of a good was $10 and

the quantity demanded

was 100 units. Today,

the price of the good is

$12 and the quantity

demanded is 87 units.

Did the quantity

demanded fall because

the price increased, or

did the price increase

because the quantity

demanded fell?

Question

10-11-2022
Social Studies

Answered

Yesterday, the price

of a good was $10 and

the quantity demanded

was 100 units. Today,

the price of the good is

$12 and the quantity

demanded is 87 units.

Did the quantity

demanded fall because

the price increased, or

did the price increase

because the quantity

demanded fell?

Answer :

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smecloudbird17 smecloudbird17 · Answer 1 · 2022-11-15T00:37:01-05:00

The quantity demanded fall because the price increased. Here the goods follow the Law of Demand.

According to the Law of Demand, whenever there is an increase in price of a commodity then the demand for that commodity decreases. This is also true vice-versa. The price and demand for the commodity shares an inverse relation.

There are many things which determine a demand like income of a consumer, preferences to buy a product and making a decision to buy a substitute for a product.

The questions regarding the supply of a product matching its demand in the market and setting the market prices are all answered by the law of demand and supply.

To know more about Law of Demand here

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Yesterday, the price of a good was $10 and the quantity demanded was 100 units. Today, the price of the good is $12 and the quantity demanded is 87 units. Did the quantity demanded fall because the price increased, or did the price increase because the quantity demanded fell?

Answer :

Other Questions

Yesterday, the price

of a good was $10 and

the quantity demanded

was 100 units. Today,

the price of the good is

$12 and the quantity

demanded is 87 units.

Did the quantity

demanded fall because

the price increased, or

did the price increase

because the quantity

demanded fell?