Which of the following correctly determines how the law of demand can affect economic markets? (1 point)
The law of demand asserts that as the price of a product drops, businesses are likely to produce more of that product.
The law of demand asserts that as the price of a product drops, the demand for that product will increase.
The law of demand asserts that consumer behavior is not affected by changes in prices.
The law of demand asserts that as the price of a product rises, businesses are likely to produce more of that product.
The correct answer is:
The law of demand asserts that as the price of a product drops, the demand for that product will increase.