A downward-sloping demand curve means that the quantity demanded of a good and the price of that good are ________. a. inversely related b. the same amount c. not correlated d. positively related

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08-09-2022
Business

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A downward-sloping demand curve means that the quantity demanded of a good and the price of that good are ________. a. inversely related b. the same amount c. not correlated d. positively related

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Tutorconsortium217 Tutorconsortium217 · Answer 1 · 2022-09-13T06:27:05+02:00

Inversely related. In an inverse connection, lower costs lead to high quality demand while higher prices lead to reduced quantity demand.

Why is the law of supply and demand so crucial?

According to the rule of demand, which is a cornerstone of economics, customers will demand fewer units of a good at a higher price.

The total quantity demanded across all market consumers at each price is expressed by a market demand curve. Although price changes can be seen as movement along a demand curve, they do not by themselves cause an increase or reduction in demand. When demand changes, this curve's location or form shifts, reflecting a movement in the underlying pattern of consumer demands and wants and the means available to meet them.

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