Question

The Law of Demand is one of the most famous laws in economics. It states that when the price of a good rises, the quantity demanded ______________, and when the price of a good falls, the quantity demanded _____________. A) rises, rises B) falls, falls C) rises, falls D) falls, rises

Answer 1

C is the correct answer.

The basic tenet is that when the price of a good rises, the demand for it falls. When the price falls, the demand for it rises.

Answer 2

D) falls, rises

Step-by-step explanation:

The law of demand is one of the basic principles in microeconomics. The law states that when the price of the product increases, the demand decreases. At the same time, with the decrease in the price, the quantity of the product demanded becomes more. It is applicable when the other conditions remain the same.