aghamuzahirali4909 aghamuzahirali4909

18-09-2019
Business

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According to the laws of demand and supply, if the price of beef increases, which of the following likely will occur?A.The quantity demanded will remain constant.B.The equilibrium price will increase but there will be no change in the market price. C.The quantity demanded will increase.D.The quantity demanded will decrease.E.The quantity supplied will decrease.

Respuesta :

ujgerman ujgerman

19-09-2019

Answer:

D.The quantity demanded will decrease

Explanation:

the law of demand describes an inverse relationship between price and quantity demanded of a good.

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marvineetesh3 marvineetesh3

12-02-2022

The quantity demanded the beef would decrease when the price of beef increases, according to the law of demand and supply.

What is the law of demand?

The Law of demand stated that there is an inverse relationship between the price and the quantity demanded of its product. It means if the price of any good increases, then the quantity demanded its product decreases.

Example:

As the price of mangoes increases, then the quantity demanded goes on decreasing.

What is the law of supply?

The Law of supply stated that there is a positive relationship between the price and the quantity supplied of its product. It means if the price of any good increases, then the quantity supplies its product also increases. Because producer wants more profits.

Therefore, option D is correct.

Learn more about the law of demand, refer to :

https://brainly.com/question/10782448

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