Answered

Westonci.ca connects you with experts who provide insightful answers to your questions. Join us today and start learning! Get immediate and reliable answers to your questions from a community of experienced experts on our platform. Experience the ease of finding precise answers to your questions from a knowledgeable community of experts.

Which statement best explains the law of demand?

A. The quantity demanded by consumers increases as prices rise, then decreases.
B. The quantity demanded by consumers decreases as prices rise, then increases.
C. The quantity demanded by producers increases as prices rise, then decreases.
D. The quantity demanded by producers decreases as prices rise, then increases.

Sagot :

GinnyAnswer

Final answer:

The Law of Demand states that the quantity demanded and price of a good or service are inversely related.


Explanation:

The Law of Demand states that the quantity demanded and price of a good or service are inversely related. If the price increases, the quantity demanded decreases, and vice versa, assuming other factors remain constant. This is due to diminishing marginal utility and varying consumer valuations.


Learn more about Law of Demand here:

https://brainly.com/question/32463907


We hope you found what you were looking for. Feel free to revisit us for more answers and updated information. We hope our answers were useful. Return anytime for more information and answers to any other questions you have. Westonci.ca is your go-to source for reliable answers. Return soon for more expert insights.