Asked by Alessandro Godina on Jun 05, 2024
Verified
As price falls,quantity demanded
A) rises.
B) falls.
C) remains the same.
Quantity Demanded
The total amount of a good or service that consumers are willing and able to purchase at a specific price point, at a given time.
Price Falls
A situation where the cost of goods or services decreases, often reflecting changes in supply and demand.
- Understand the principles of supply and demand.
- Gain insight into how price changes influence the quantity of goods supplied and demanded.
Verified Answer
JH
Jacob HenschelJun 08, 2024
Final Answer :
A
Explanation :
According to the law of demand, as the price of a good or service falls, the quantity demanded by consumers increases. This is because consumers are more willing and able to buy the good at a lower price, leading to a higher quantity demanded.
Learning Objectives
- Understand the principles of supply and demand.
- Gain insight into how price changes influence the quantity of goods supplied and demanded.