Question

The price of a popular cereal was just reduced. this will most likely _____ the demand for the cereal. increase decrease keep constant user: at the highest price, you would expect the demand for goods and services to be the _____. most least

Answer 1

The price of a popular cereal was just reduced. this will most likely increase the demand for the cereal.

At the highest price, you would expect the demand for goods and services to be the least.

Hope this answers the question. Have a nice day.

Answer 2

Answer: Increase, Least

Step-by-step explanation:

According to the law of demand, when the price of a goods falls, the quantity demanded for that good will increase. That is demand is inversely related to its price. The consumers buy more when the price is lowest and the least when the price is the highest.

This means that as the price of a popular cereal falls, the demand for the cereal will increase.

So at the highest price, you would expect the demand for goods and services to be the least.