ashlynmichael2003 ashlynmichael2003

Today at 11:42 PM
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Answered

Which of the following statements correctly defines the law of demand?
O The lower the price of a commodity, the lower the quantity demanded of that
commodity.
O As the price of a commodity increases, the quantity demanded of that
commodity also increases.
O The lower the price of a commodity, the greater the quantity demanded of
that commodity.
The lower the price of a commodity, the greater the quantity supplied of that
commodity.

Answer :

hosna2025 hosna2025

Today at 11:46 PM

Answer:

It's The lower the price of a commodity, the greater the quantity of that commodity that is demanded.

Explanation:

The law of demand is the basic principle of demand that states that as the price of a commodity is inversely proportional to the demand of any good or service. If the price of a particular commodity lowers the greater the demand quantity of the commodity. This is because a greater number of people will flock the market and also new customers will want to purchase the commodity due to the low price

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adefunkeadewole adefunkeadewole

Today at 11:47 PM

The law of demand states that the lower the price of a commodity, the greater the quantity demanded of that commodity.

Therefore, option C is correct.

The Law of Demand

The law of demand is one of the fundamental laws or principle of economics.

The law states that demand of goods/commodity and price of that same goods/commodity are inversely proportional.

This means that, the higher the price of a commodity, the lower the demand of that commodity and also, the lower the price of a commodity, the higher the demand of that same commodity.

Learn more about the law of demand at https://brainly.com/question/26546773

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