Question

Based on the law of demand, when the price of a specific good decreases, what will happen to the quantity demanded? It will increase. It will decrease. It will stay the same.

Answer 1

It will increase

Step-by-step explanation:

The law of demand states that when the price of a good reduces/decreases, then the demand for that particular good will increase. What this means is that there is always a downward slope in the demand curve as a function of price and quantity.

For example, if one bar of soap sold for $20 dollars and it suddenly falls to $15, there will be more demand for the product.