According to the law of demand,a decrease in price leads to an increase in quantity demanded.
A decrease in price increases consumers' willingness and ability to buy a product.

Question

Quizplus · Accepted Answer

The law of demand states that as the price of a good or service decreases, the quantity demanded by consumers will increase, all else being equal. This is because lower prices increase consumers' willingness and ability to purchase the good or service. Conversely, as the price of a good or service increases, the quantity demanded by consumers will decrease.

According to the Law of Demand,a Decrease in Price Leads