Other things being equal, an increase in the prices of portable power banks leads to a decrease in the amount portable power banks that people purchase. This is known as
A) the law of demand.
B) the law of supply.
C) ceteris paribus.
D) equilibrium.

Question

Quizplus · Accepted Answer

The law of demand states that as the price of a good increases, the quantity demanded of that good will decrease, assuming all other factors remain constant. This is exactly what is happening in the scenario presented, where an increase in the price of portable power banks results in a decrease in the amount of portable power banks purchased.

Other Things Being Equal, an Increase in the Prices of Portable