An increase in the price of milk will cause an increase in the amount of milk demand.

Name: An increase in the price of milk will cause an increase in the amount of milk demand.
Brand: Quizplus
Rating: 4.7 (65 reviews)

Question

Quizplus · Accepted Answer

An increase in the price of milk will lead to a decrease in the amount of milk demanded, as consumers may switch to substitutes or reduce their consumption of milk. This is known as the law of demand, which states that as the price of a good increases, the quantity demanded of that good will decrease, ceteris paribus.

An Increase in the Price of Milk Will Cause an Increase