As the price per pair of running shoes rises, the quantity demanded is decreased. When the price is $100.00, 60 pairs of shoes are demanded. The quantity demanded decreases by 80 when the price increases from $50.00 to $150.00.
What are supply and demand?
The term supply means the amount of product, item, goods, or service providers who are willing to make it available at a certain price. Demand refers to the amount of product, item, goods, or service that consumers are willing and able to purchase at a given price.
What is the relationship between demand and supply?
It is an important economic principle that when the supply of goods exceeds the demand for goods or services, prices fall. When demand exceeds supply, prices often go up. There is a negative relationship between supply and prices of goods and services where the need has not changed.
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