11) The statement "the quantity demanded of a product varies inversely with its price" is a definition of

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Mylie Tyler

Social Studies

23 September, 02:45

11) The statement "the quantity demanded of a product varies inversely with its price" is a definition of

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Pacheco · Answer 1

The quantity demanded of a product varies inversely with its price is the definition of the law of demand.

In other words, if the product increases that means that the demand is going to increase as well. Or, if the price of the product decreases then the demand on the produce will increase.