What is the relationship between the price of an item and the quantity demand

The higher the price, the lower the demand, while the lower the price, the higher the demand.

The law of demand states that the higher the price, the lower the demand, while the lower the price, the higher the demand.

Facts about the law of demand;

-> When an item is released to the market and has a competing price compared to its competition, there is a high likelihood that the market would demand the lower-priced items more than that which is of higher price

-> When the same goods are now placed at a higher price later on, the market would either lookout for older goods or newer ones with a lower price.

People want to buy quality goods but would buy be interested in them when they are getting it at an affordable rate.

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The Law of Supply

The Law of Demand

Explanation:

The law of supply states that the quantity of a good supplied rises as the market price rises, and falls as the price falls. Conversely, the law of demand  says that the quantity of a good demanded falls as the price rises, and vice versa.

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