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What usually happens to the demand for a good or service when the price increases?
When the price of a good or service increases, the demand for it usually decreases.
What is the relationship between price and demand for a Giffen good?
The relationship between price and demand for a Giffen good is unique because as the price of the good increases, the demand for it also increases. This is contrary to the law of demand, where an increase in price leads to a decrease in demand.
What happens to the demand for the main good if the price of a complementary good increases?
If the price of a complementary good increases, the demand for the main good typically decreases.
If the price of a complementary good increases, how will it affect the demand for the main product?
If the price of a complementary good increases, the demand for the main product will decrease.
What is a price cut when the demand for a normal good is price inelastic?
Demand is inelastic when changes the in price of a commodity do not effect (or have very little effect) the quantity of that product demanded. For most commodities, demand decreases with price increases and demand increases with price decreases.
