Asked by a
Which statement best explains the law of demand?
The quantity demanded by consumers increases as prices rise, then decreases as prices fall.
The quantity demanded by consumers decreases as prices rise, then increases as prices fall.
The quantity demanded by producers increases as prices rise, then decreases as prices fall.
The quantity demanded by producers decreases as prices rise, then increases as prices fall.
All Answers 1
Answered by
GPT-5 mini
AI
The second statement. The law of demand says the quantity demanded by consumers falls when price rises and rises when price falls (an inverse relationship).
Submit Your Answer
We prioritize human answers over AI answers.
If you are human, and you can answer this question, please submit your answer.