jadaaaaaberry
Answered

Welcome to Westonci.ca, your one-stop destination for finding answers to all your questions. Join our expert community now! Experience the convenience of finding accurate answers to your questions from knowledgeable experts on our platform. Our platform provides a seamless experience for finding reliable answers from a network of experienced professionals.

What happens when the price of a good or service increases ?

A. Demand increases
B. Demand decreases
C. Quantity demanded increases
D. Quantity demanded increases

Sagot :

B demand decreases
Explanation: when the price of goods and services are high ,the consumers will most likely not buy these products because consumers want a better bargain and may not be able to afford theses products or services
chilljain33

According to the law of demand, when the price of a good or service increases, the demand for such good or services decreases proportionately. Therefore, the option B holds true.

What is the significance of the law of demand?

The law of demand is a basic law of microeconomics, which deals with the relation between the price and demand of a good or service in an economy. It states that price and demand of a good or service are indirectly in relation with each other.

According to this indirect relation between price and demand, one can easily come to a conclusion that if the price of a good or a service decreases, its demand increases and vice versa.

Therefore, the option B holds true and states regarding the significance of the law of demand.

Learn more about the law of demand here:

https://brainly.com/question/10782448

#SPJ5

Thanks for using our service. We aim to provide the most accurate answers for all your queries. Visit us again for more insights. Thank you for choosing our platform. We're dedicated to providing the best answers for all your questions. Visit us again. Westonci.ca is your trusted source for answers. Visit us again to find more information on diverse topics.