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1. Which of the following is an example of the law of demand? a. If the...

1. Which of the following is an example of the law of demand? a. If the price of apples increases, the demand for apples falls. b. If the price of apples increases, the quantity demanded for apples falls. c. If the price of apples increases, the demand for apples rises. d. If the price of apples increases, the quantity demanded for apples rises..

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Answer #1

Law of demand states that there is a negative relationship between the price of a good and quantity demanded of that good, keeping other things constant.

It means a rise in the price of good leads to a decrease in quantity demanded of that good by keeping other things constant.

and a fall in the price of good leads to an increase in the quantity demanded of that good by keeping other things constant.  

Option (b) If the price of apple increase, the quantity demanded of apple fall is an example of the law of demand.

Answer: Option (B).

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