4. If the demand for milk is downward sloping, then an increase in the price of milk will result in a(n) a. increase in the dema

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4. If the demand for milk is downward sloping, then an increase in the price of milk will result in a(n) a. increase in the dema

nd for milk. b. decrease in the demand for milk. c. increase in the quantity of milk demanded. d. decrease in the quantity of milk demanded.

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1 answer:

olga_2 [115] · Answer 1 · 2022-07-10T06:29:05+03:00

Answer:

d. decrease in the quantity of milk demanded.

Explanation:

The law of demand states that there is an inverse relationship between price and quantity demanded. An increase in price will result in a decrease in price and vice versa.

So in this case an increase in the price of milk will result in a decrease in quantity of milk demanded.

This is illustrated in the attached diagram.