BUSINESS ADMINISTRATION
BUSINESS ECONOMICS
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
the quantity demanded of that good will decrease
|
|
|
the quantity supplied of that good will decrease
|
|
|
the quantity demanded of that good will increases
|
|
|
the quantity supplied of that good will increases
|
Detailed explanation-1: -Law of demand is a fundamental principle of Economics, it states that quantity demanded is always inversely related to the price of the goods. In other words, with increase in price, quantity demanded will be less and vice versa.
Detailed explanation-2: -Definition: The law of demand states that other factors being constant (cetris peribus), price and quantity demand of any good and service are inversely related to each other. When the price of a product increases, the demand for the same product will fall.
Detailed explanation-3: -The law of demand states that, as the price of a good rises, the quantity demanded decreases. In order to demand a good, a consumer must be both willing and able to buy it. Quantity demanded varies inversely with price.
Detailed explanation-4: -The law of demand states that when the price of a product goes up, the quantity demanded will go down – and vice versa.
Detailed explanation-5: -What Is the Law of Supply? The law of supply is the microeconomic law that states that, all other factors being equal, as the price of a good or service increases, the quantity of goods or services that suppliers offer will increase, and vice versa.