Which of the following states the law of supply and demand?
(1 point)
Responses
All things being equal, the higher the price of a good or service, the lower the demand will be for that good or service
All things being equal, the higher the price of a good or service, the lower the demand will be for that good or service
All things being equal, the lower the price of a good or service, the lower the demand will be for that good or service.
All things being equal, the lower the price of a good or service, the lower the demand will be for that good or service.
All things being equal, a provider will be willing to supply more goods or services for a lower price if a lower quantity is sold.
All things being equal, a provider will be willing to supply more goods or services for a lower price if a lower quantity is sold.
All things being equal, a provider will be willing to supply fewer goods or services for a lower price if a lower quantity is sold.
All things being equal, a provider will be willing to supply fewer goods or services for a lower price if a lower quantity is sold.
All things being equal, the higher the price of a good or service, the lower the demand will be for that good or service
The correct statement that states the law of supply and demand is:
All things being equal, the higher the price of a good or service, the lower the demand will be for that good or service.