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1 February, 20:10

What is a demand relationship?

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  1. 1 February, 22:27
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    Demand relationship is the relationship between the dominant prices of a good and the quantity that will be bought at that price.

    Explanation:

    Demand can be defined as the quantity of a good that consumers are ready to purchase at different prices at a given period of time.

    The basic demand relationship is between potential prices of a good and the quantities that would be bought at those prices. The relationship is always a negative one, this implies that an increase in price will lead to a decrease in the quantity demanded. This negative relationship is represented in the downward slope of the consumer demand curve. Take for instance, if the price of a bag of rice rises from $10 to a price of $20, this is a huge price increase. This increase forces the consumer to demand less of that product at the price of $20 because the new price is more expensive and also very unreasonable for a bag of rice.
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