ECONOMICS
SCARCITY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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if prices go up, quantity demanded will fall and if prices go down, quantity demanded will go up
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if prices go up, quantity demanded will also go up and if prices go down, quantity demanded will also go down
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If Mrs. Vosika and Mrs. Hemric say so prices go down
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If Mrs. Vosika and Mrs. Hemric say so prices go up
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Detailed explanation-1: -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-2: -Key points. The law of demand states that a higher price leads to a lower quantity demanded and that a lower price leads to a higher quantity demanded. Demand curves and demand schedules are tools used to summarize the relationship between quantity demanded and price.
Detailed explanation-3: -Law of Demand. As we can see on the demand graph, there is an inverse relationship between price and quantity demanded. Economists call this the Law of Demand. If the price goes up, the quantity demanded goes down (but demand itself stays the same). If the price decreases, quantity demanded increases.
Detailed explanation-4: -Which statement best explains the law of demand? Answer: ✔ The quantity demanded by consumers decreases as prices rise, then increases as prices fall.
Detailed explanation-5: -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.