If the price of high speed internet access decreases then we would expect to see the quantity demanded increase. This statement reflects which law? Select one: a. Law of increasing opportunity cost b. Law of comparative advantage c. Law of supply d. Law of demand

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Brennen

Business

15 February, 05:11

If the price of high speed internet access decreases then we would expect to see the quantity demanded increase. This statement reflects which law? Select one: a. Law of increasing opportunity cost b. Law of comparative advantage c. Law of supply d. Law of demand

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Amelie Mcintyre · Answer 1

d. Law of Demand

Explanation:

The law of demand states, the quantity demanded of a product is indirectly related to it's price keeping other factors affecting demand as constant.

The law states, more of a product is demanded when it's price falls and vice versa.

It is noteworthy here that it is quantity demanded which changes when only price changes, not the demand itself. Demand would change when factors affecting demand other than price of the product change.

In the given case, when price of high speed internet decreases, the quantity demanded increases. The statement indicates the operation of the law of demand.