which statement accurately describes the relationship between price and quantity demanded? when prices…
which statement accurately describes the relationship between price and quantity demanded? when prices increase, quantity demanded decreases. when prices increase, quantity demanded stays the same. when prices decrease, quantity demanded decreases. when prices decrease, quantity demanded stays the same.
Answer
Brief Explanations:
This is based on the law of demand in economics. It states that, ceteris paribus (all other things being equal), there is an inverse relationship between price and quantity demanded. When price rises, consumers are less willing or able to buy, so quantity demanded falls. When price drops, consumers are more willing or able to buy, so quantity demanded rises.
Answer:
When prices increase, quantity demanded decreases.