Which statements are true according to the law of demand?
An increase in supply leads to an increase in demand.
W A decrease in supply leads to a decrease in demand.
I
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.

Question

23-08-2022
Business

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Which statements are true according to the law of demand?
An increase in supply leads to an increase in demand.
W A decrease in supply leads to a decrease in demand.
I
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.

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choprayogita110 choprayogita110 · Answer 1 · 2022-08-26T09:37:54+02:00

The correct options are C and D . An Increase in price leads to a decrease in quantity demanded. A decrease in price leads to an increase in quantity demanded.

In economics, the word "quantity demanded" refers to the overall amount of an item or service that consumers demand over a specific period of time. Regardless of whether a market is in equilibrium, it is dependent on the cost of an item or service.

The quantity of a good or service that customers are willing and able to purchase at specific pricing during a specific time period is known as demand. The amount of an item or service that will be purchased at a specific price at a specific time is known as the quantity demanded.

Learn more about quantity demanded here

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