The law of demand states that as the price of a particular good or service increases,
Responses
quantity demanded decreases
demand increases
demand decreases
quantity demanded increases
quantity demanded decreases
The correct response is: quantity demanded decreases.
The correct response to the statement "The law of demand states that as the price of a particular good or service increases" would be "quantity demanded decreases."
The law of demand describes the inverse relationship between the price of a product and the quantity demanded of that product. As the price of a good or service increases, people tend to buy less of it. Conversely, as the price of a good or service decreases, people tend to buy more of it. This principle is based on the fact that people have limited incomes and a willingness to substitute one product for another if the price changes. The law of demand is a fundamental concept in economics and helps to explain consumer behavior in the market.