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Which of the following is an example of the law of demand? A) An increase in the price of magnetic optical disks is followed by a reduction in the amount of magnetic optical disks purchased
Which of the following is an example of the law of demand? A) An increase in the price of magnetic optical disks is followed by a reduction in the amount of magnetic optical disks purchased. B) An increase in the price of tablets is followed by an increase in the sale of tablets. C) A decrease in the price of milk has no effect on the amount of milk consumed. D) The amount of smartahones sold increases while the price of smartahones is constant.
Expert Solution
Answer
A )
Explanation
Law of demand states that as price of a good increase, the demand for the good decreases and vice-versa. There is an inverse relationship between price and Quantity demanded. The statement "An increases in the price of magnetic optical disks is followed by a reduction in the amount of magnetic optical disks purchased" best describes the law of demand. So, the correct option is A "An increases in the price of magnetic optical disks is followed by a reduction in the amount of magnetic optical disks purchased".
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