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Question
If price rises the demand falls, if price falls demand rises. This is a ______.
If price rises the demand falls, if price falls demand rises. This is a ______.
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Solution
The correct option is C law of demand
The
law of demand is a microeconomic
law that states, all other
factors being equal, as the price of a good or service increases, consumer demand for the good or service will
decrease, and vice versa.
The law of demand is a microeconomic law that states, all other factors being equal, as the price of a good or service increases, consumer demand for the good or service will decrease, and vice versa.
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