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When prices change, how is that reflected on a given supply or demand curve? For instance,...

When prices change, how is that reflected on a given supply or demand curve? For instance, if the price of a particular chocolate bar increases, will demand or quantity demanded change? Explain.

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Answer :- Demand for a commodity is the quantity of that commodity which an individual (or buyer) is willing to purchase at different prices within a given period of time. A decrease in the price of product (chocolate bar) will increase its demand and an increase in price of product (chocolate bar) will cause decrease in its demand. Demand curve slopes downward from left to right. There is inverse relationship between the price of a commodity and its demand. More units of product is purchased at a lower price and less units of product is purchased at a higher price.

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