which statement best explains the law of demand?\nthe quantity demanded by consumers increases as prices…

which statement best explains the law of demand?\nthe quantity demanded by consumers increases as prices rise, then decreases as prices fall.\nthe quantity demanded by consumers decreases as prices rise, then increases as prices fall.\nthe quantity demanded by producers increases as prices rise, then decreases as prices fall.\nthe quantity demanded by producers decreases as prices rise, then increases as prices fall.

which statement best explains the law of demand?\nthe quantity demanded by consumers increases as prices rise, then decreases as prices fall.\nthe quantity demanded by consumers decreases as prices rise, then increases as prices fall.\nthe quantity demanded by producers increases as prices rise, then decreases as prices fall.\nthe quantity demanded by producers decreases as prices rise, then increases as prices fall.

Answer

Brief Explanations:

The law of demand states that, ceteris paribus (all other things being equal), the quantity demanded by consumers is inversely related to the price of a good or service. When prices rise, consumers can afford fewer units or find substitutes, so quantity demanded decreases. When prices fall, consumers can afford more and quantity demanded increases. Producers are related to the law of supply, not demand.

Answer:

The quantity demanded by consumers decreases as prices rise, then increases as prices fall.