Use the graph to answer the question that follows.
Price
$50
D
100
Quantity
What happens to the total quantity demanded when the price of the product rises above $50?
O It will be more than 100 units.
O It will be less than 100 units
O It will be exactly 100 units
O It will be exactly 0 units.
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trevking0927 trevking0927

17-06-2022
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Use the graph to answer the question that follows.
Price
$50
D
100
Quantity
What happens to the total quantity demanded when the price of the product rises above $50?
O It will be more than 100 units.
O It will be less than 100 units
O It will be exactly 100 units
O It will be exactly 0 units.
Question 1 (0
Previous Question

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ogorwyne ogorwyne · Answer 1 · 2022-06-21T17:34:15+02:00

When the price of the good is above 50 dollars the quantity demanded would be less than 100 units.

How does price affect demand?

The price of a good is known to have an inverse relationship with the quantity of the good that would be bought by its consumers.

The equilibrium price and quantity is at 50 $ and 100 respectively. If the price of the commodity rises above 50, people would demand less for the good.

What is the relationship between price and demand?

According to the law of demand, a higher price results in a lower amount demanded, whereas a lower price results in a bigger quantity demanded. The tools used to summarize the relationship between quantity desired and price are demand curves and demand schedules.

The price of a good is known to be inversely proportional to the quantity of that good purchased by its customers.

Hence, Option B is the correct answer The price and quantity at equilibrium are $50 and $100, respectively. People will want less for the thing if the price of the commodity climbs over 50.

Learn more about Price and demand:

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