BUSINESS ECONOMICS

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According to the theory of demand, this can be stated that if all of the other factors have been remaining constant (ceteris paribus), the total amount of demand for quantity of a commodity of a service and the respective price level of the product are always adversely related to one another. As stated by Brim (2017), this indicates that if the price of a commodity or service tends to increase in a particular market, the respective demand or that commodity tends to reduce simultaneously.

As per the basic law of demand, other factors remaining constant, if charge for commodities tends to increase, quantity demanded for commodity tends to decrease. This is mainly because of the fact that with the rise in price of a particular commodity or service, consumers can shift theirdemand from thatproduct to other substitute commodities and services which haverelatively lower prices.

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