According to the law of demand, during a given period of time, the quantity of a good demandeda. Increases as its price rises, c
eteris paribus.b. Increases as its price falls, ceteris paribus.c. Decreases as its price falls, ceteris paribus.d. Does not change when price changes.
1 answer:
Answer:
B) Increases as its price falls, ceteris paribus.
Explanation:
The laws of demand and supply are fairly simple:
- law of demand: as the price of a good or service decreases, the quantity demanded for the good or service increases
- law of supply: as the price of a good or service increases, the quantity supplied for the good or service increases
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