question 5 (multiple choice worth 4 points) (01.03 lc)\nwhat happens when the price of a good or service…

question 5 (multiple choice worth 4 points) (01.03 lc)\nwhat happens when the price of a good or service increases?\ndemand increases.\ndemand decreases.\nquantity demanded increases.\nquantity demanded decreases.

question 5 (multiple choice worth 4 points) (01.03 lc)\nwhat happens when the price of a good or service increases?\ndemand increases.\ndemand decreases.\nquantity demanded increases.\nquantity demanded decreases.

Answer

Brief Explanations:

According to the law of demand, when the price of a good or service increases, while other factors remain constant, the quantity demanded by consumers decreases. Demand refers to the entire relationship between price and quantity demanded at different price - levels, while quantity demanded is the specific amount consumers are willing and able to buy at a particular price.

Answer:

D. Quantity demanded decreases