Explain Why the Relationship Between Price and Quantity Demanded Is

question 6

Essay

Explain why the relationship between price and quantity demanded is known as the 'law of demand'.

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Definitions:

Commission

A payment made to an employee or agent based on the value of the sale completed, often a percentage of the sale amount.

Principals

The original amount of money invested or loaned, not including interest or earnings.

Net Proceeds

The amount sent to the consignor as a result of consignment sales; gross proceeds minus charges.

Commission

A fee or percentage given to a salesperson, agent, or broker for facilitating or completing a sale or transaction.