Question

Select all the correct answers.

Which statements are true according to the law of demand?

1.An increase in supply leads to an increase in demand.

2.A decrease in supply leads to a decrease in demand.

3. An increase in price leads to a decrease in quantity demanded.

4.A decrease in price leads to an increase in quantity demanded.

5.An increase in price leads to an increase in demand.

Answer 1

Answers 4 and 3 are correct

Step-by-step explanation:

Answer 2

Answer choices 4 and 3 are correct. A decrease in price attracts more customers, therefore an increase in the demand for that item. An increase in price will mkae customers less likely to buy the item, therefore a decrease in demand.