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Elden [556K]
3 years ago
13

If the price of ice cream rose to $30 per gallon, consumers would purchase fewer gallons of ice cream than if the price were $4

per gallon. If the price of chocolate sauce fell to $0.50 per can, consumers would purchase more chocolate sauce than if the price were $5 per can. These relationships illustrate the
1. law of supply.
2. law of demand.
3. difference between normal and inferior goods.
4. difference between substitute and complement goods.
Business
1 answer:
kodGreya [7K]3 years ago
8 0

Answer:

2. LAW OF DEMAND

Explanation:

LAW OF DEMAND states that there is inverse relationship between price & quantity demanded. Quantity demanded is more at lower prices, quantity demanded is less at higher prices. The demand curve - graphically representing price demand relationship,  is downward sloping because of Law of Demand.  

In the given cases : Ice cream price rise from $4 to $30 decreases quantity demanded. Chocolate sauce price fall from $5 to $0.5 increases quantity demanded. So, the above examples of Ice Cream & Chocolate Sauce illustrate the case of 'Law of Demand'  

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