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Sagot :
They have decreased their quantity of tickets demanded to Q1.
The demand graph shows that there is an inverse relationship between price and quantity demanded. Economists refer to this as the Law of Demand. When the price rises, the quantity demanded falls (but demand itself stays the same). When the price falls, the quantity demanded rises.
Price and demand have a negative relationship, i.e. they are inversely related. Inversely related means that as the price of a commodity rises, so does its demand, and vice versa. This is due to the diminishing marginal utility law.
The quantity supplied changes as the price changes along a supply curve.
Learn more on demand curve here-
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