the rule of supply and demand says that
as price increases demand decreases
as demands decreases price increases
as demand increases price in crease with price
Yes, those statements are correct. According to the law of supply and demand:
1. As the price of a product or service increases, the demand for it decreases. This is because people are less willing to pay higher prices, resulting in a decrease in the quantity demanded.
2. Conversely, as the demand for a product or service decreases, the price decreases as well. When there is less demand for a particular item, sellers may lower the price in order to attract more buyers and increase the quantity sold.
3. On the other hand, when the demand for a product or service increases, the price tends to increase. As people become more willing to pay higher prices for a desired item, the sellers can increase prices and still attract buyers.
It is important to note that these relationships are not always immediate or linear, as other factors such as availability of substitutes, production costs, and market competition can also influence price and demand.