If price rises, what happens to demand for a product? A

Economics Mar 12, 2021

If price rises, what happens to demand for a product?

A. It increases.

B. It decreases.

C. It does not change.

D. Uncertain-economic theory has no answer to this question

Expert Solution

According to the law of demand there is a negative relationship between "price (P)" and the "quantity demanded (Qd)", where other factors affecting demand remains same, as "price (P)" rise the "demand for a good (Qd)" falls. So, the correct answer is "B".

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