Question

Select all the correct answers.

Which three statements are true as they relate to supply and demand?
As supply rises, prices generally decrease.
As demand decreases, costs generally increase.
As supply decreases, prices increase.
The average rate of change describes how much a quantity changes as price increases.
O As demand rises, the price of the product decreases.
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Answer 1

As supply rises, prices generally decrease.--true

As demand decreases, costs generally increase.--false

As supply decreases, prices increase.--true

The average rate of change describes how much a quantity changes as price increases.--false

As demand rises, the price of the product decreases.--false

Explanation: