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The Law of Demand states that: A
The Law of Demand states that:
A. the quantity demanded of a product will fall when the price of the product rises.
B. the quantity demanded of a product will fall when the price of the product falls.
C. when the demand for a product falls, so will its price.
D. when the demand for a product falls, its price will rise.
E. a product's price and the quantity demanded of that product are positively related.
Expert Solution
- The Law of Demand states that A. the quantity demanded of a product will fall when the price of the product rises.
The law of demand states that the increase in the price of the product would lead to a fall in the quantity demanded of a product. This implies that there is an inverse relationship between the price of the product and the quantity demanded of the product. Let's suppose the price of the product is $5 and the quantity demanded is 2 units. Now when the price of the product is increased to, let say, $10, then the quantity demanded will be reduced to 1 unit. The quantity demanded reduced when the price increased.
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