Question

15

Select all the correct answers.
Which statements are true according to the law of demand?
An increase in supply leads to an increase in demand.
A decrease in supply leads to a decrease in demand.
An increase in price leads to a decrease in quantity demanded.
A decrease in price leads to an increase in quantity demanded.
An increase in price leads to an increase in demand.
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Answer 1

An increase in price leads to a decrease in quantity demanded.

A decrease in price leads to an increase in quantity demanded.

Step-by-step explanation:

The law of demand says that an increase in the price will reduce the quantity demanded of any given product.