Westonci.ca offers quick and accurate answers to your questions. Join our community and get the insights you need today. Get quick and reliable solutions to your questions from a community of experienced professionals on our platform. Experience the ease of finding precise answers to your questions from a knowledgeable community of experts.
Sagot :
In the law of demand, the statement that explains how price and quantity influence each other is the quantity demanded by consumers decreases as prices rise and then increases as prices fall. Hence, the correct option is (A).
What is the Law of Demand?
The law of demand is one of the fundamental principles in economics which describes how the amount of demand for a good or service is affected by the price of that item. As consumers, we basically want the price of an item or service to be as cheap as possible so we don't have to sacrifice a lot of money to meet our needs. Therefore, the quantity of goods or services that consumers want to buy will increase when the price of these goods falls.
The question is incomplete, but most probably your question was:
In the law of demand, the statement that explains how price and quantity influence each other is
A. The quantity demanded by consumers decreases as prices rise and then increases as prices fall
B. The quantity demanded by consumers increases as prices rise and then decreases as prices fall.
C. The quantity demanded by consumers is not affected by the increases or decreases in price.
Hence, the correct option is (A).
Learn more about the law of demand at https://brainly.com/question/24500422
#SPJ4
Thank you for your visit. We're dedicated to helping you find the information you need, whenever you need it. We appreciate your time. Please revisit us for more reliable answers to any questions you may have. Thank you for visiting Westonci.ca, your go-to source for reliable answers. Come back soon for more expert insights.
