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Question 3 of 20

According to the law of demand, demand for a good will increase if:

A. the supply of the good increases.
B. the supply of the good decreases.
C. the price of the good decreases.
D. the price of the good increases.



Answer :

GinnyAnswer

Final answer:

The law of demand explains how a change in price affects the quantity demanded of a good or service.


Explanation:

Law of Demand

The law of demand states that, if all other factors remain equal, the higher the price of a good, the less people will demand that good. For example, if the price of smartphones increases, consumers tend to buy fewer smartphones. Conversely, if the price decreases, consumers may buy more.


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