Question
Explain the effect of Change in own price
Solution
Effect of change in own price: Assume that other things remaining constant, if the price of a good increases, there will be a decrease in the quantity demanded and vice versa. So, there is a negative relationship between the price of a good and its quantity demanded.
Is there an error in this question or solution?
Solution Explain the Effect of Change in Own Price Concept: Effects of Shifts in Demand and Supply.
