Would you expect supply to play a more significant role in determining the price of a basic necessity like food or a luxury like perfume?

Don't use Ai True or False: The law of demand states that, all else being equal, as the price of a good or service increases, the quantity demanded for that good or service will decrease.

how does a decrease in price affect the supply and demand curve?

The law of supply states that there is a positive relationship between the price of a good and the quantity supplied (supply curves representing the price and quantity demanded). From a business owners standpoint, if I was wanting to sell more of a good, I would want to lower the price. This doesnt make sense to me. In my head more quantity should mean lower price.

When does a consumer buy more quantity of a commodity at a given price? give three points.

What are the main distinctions between a change in demand and a change in quantity demanded.

What do you mean by the demand of a commodity?   a) Desire for the commodity   b) Need for the commodity   c) Quantity demanded of that commodity   d) Quantity that consumers are able and willing to buy at various prices during any particular period of time