S Demand

Question 1

What is the law of demand?

Answer 1

Price and dmeand has inverse relationship. When price decreases demand increases and vice versa.

Question 2

Effect of change of price on model demanded line

Answer 2

a change in price results in a movement along the demand curve, where a price decrease increases the quantity demanded, and a price increase decreases the quantity demanded, Effect of change on pri

Question 3

Non price factors affecting demand

Answer 3

income. effect on normal and inferior goods
population
tastes and preferences
prices of substitutes and complements
expected future prices