What does the term “demand relationship” mean? How does price affect demand?

Demand refers to how much (quantity) of a product or service is desired by buyers. The quantity demanded is the amount of a product people are willing to buy at a certain price; the relationship between price and quantity demanded is known as the demand relationship. Supply represents how much the market can offer.

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kanikabajaj294 kanikabajaj294 · Answer 2 · 2022-05-03T21:41:50+02:00

The demand relationship refers to the relationship between the potential prices of the good and the quantities that can be purchased at those prices. There is an inverse relationship between demand and price.

What do you mean by demand?

Demand refers to the quantity of consumers that are willing and able to buy products at different prices during a given period.

The basic demand relationship is between the prices and the quantities that can be purchased at those prices.

The relationship between price and demand is inversely related. When the prices of a product increase, the demand decreases or vice versa.

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