Using the supply-demand graph, what happens as the price of goods or services increases?

Question

Quizplus · Accepted Answer

As the price of goods or services increases, demand typically falls because fewer people are willing to or can afford to buy the product at higher prices. Conversely, supply increases because producers are more willing to make and sell more of the product at higher prices. This is a fundamental principle of economics where price and quantity demanded are inversely related, and price and quantity supplied are directly related.

Using the Supply-Demand Graph, What Happens as the Price of Goods