When the price of steak falls, we would expect the quantity of steak demanded to rise.

Question

Quizplus · Accepted Answer

When the price of a good falls, the quantity demanded of it generally increases, and when the price of a good rises, the quantity demanded of it generally decreases. This relationship between price and quantity demanded is known as the law of demand. Therefore, if the price of steak falls, we would expect the quantity of steak demanded to rise.

When the Price of Steak Falls, We Would Expect the Quantity