Answered

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Read the statement.

"If the price of a product becomes too expensive, then the demand for it decreases."

Which economics concept is this?

A. Law of production
B. Law of supply
C. Law of income
D. Law of demand

Sagot :

GinnyAnswer

Final answer:

The Law of Demand explains the inverse relationship between price and quantity demanded in economics.


Explanation:

Law of Demand states that if the price of a good increases, the quantity demanded decreases, reflecting a negative relationship between price and demand. This principle is crucial in economics as price changes directly impact consumer behavior and purchasing decisions. The downward-sloping demand curve visually represents this inverse relationship.


Learn more about Law of Demand here:

https://brainly.com/question/32463907


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