Question

15
Select all the correct answers.
Which statements are true according to the law of demand?
An increase in supply leads to an increase in demand.
A decrease in supply leads to a decrease in demand.
An increase in price leads to a decrease in quantity demanded.
A decrease in price leads to an increase in quantity demanded.
An increase in price leads to an increase in demand.
Reset
Next

Answer 1

Answer:

An increase in price leads to a decrease in quantity demanded.

A decrease in price leads to an increase in quantity demanded.

Explanation:

The law of demand  says that an increase in the price will reduce the quantity demanded of any given product.

Answer 2

Answer:

An increase in price leads to a decrease in quantity demanded.

A decrease in price leads to an increase in quantity demanded.

Explanation:

edmentum