Effect of changes in price on demand
Effect of changes in price on demand
When price of a product changes then the demand for that product also changes. As a general rule when the price of a product increases, the demand for the product decreases and when the price of a product decreases then the demand for the product increases. This rule is generally applied; however, there are some exceptions to the above rule. We will discuss all these scenarios in the next notes which we publish.
