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Tasty Treat Tea is a popular iced tea drink. When the manufacturer begins to use imported tea leaves, the price rises and consumer demand for the drink falls. This suggests that…

Tasty Treat Tea is a popular iced tea drink. When the manufacturer begins to use imported tea leaves, the price rises and consumer demand for the drink falls. This suggests that…
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Tasty Treat Tea is a popular iced tea drink. When the manufacturer begins to use imported tea leaves, the price rises and consumer demand for the drink falls. This suggests that

User Marleen
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1 Answer

3 votes
The scenario you described suggests that the Law of Demand is correct.

Increase in price will always lead to loss of demand, while replacements for that product will grow in demand.
User Adyusuf
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