which statement best explains the law of demand?○ the quantity demanded by consumers increases as prices…

which statement best explains the law of demand?○ the quantity demanded by consumers increases as prices rise, then decreases as prices fall.○ the quantity demanded by consumers decreases as prices rise, then increases as prices fall.○ the quantity demanded by producers increases as prices rise, then decreases as prices fall.○ the quantity demanded by producers decreases as prices rise, then increases as prices fall.

which statement best explains the law of demand?○ the quantity demanded by consumers increases as prices rise, then decreases as prices fall.○ the quantity demanded by consumers decreases as prices rise, then increases as prices fall.○ the quantity demanded by producers increases as prices rise, then decreases as prices fall.○ the quantity demanded by producers decreases as prices rise, then increases as prices fall.

Answer

Brief Explanations:

The law of demand describes the inverse relationship between the price of a good and the quantity demanded by consumers: as price rises, quantity demanded falls, and as price falls, quantity demanded rises. Producers relate to supply, not demand, so options referencing producers are incorrect.

Answer:

The quantity demanded by consumers decreases as prices rise, then increases as prices fall.