As the price of a product or service rises, smart consumers switch to cheaper substitutes and quantity demanded decreases.

Question

Quizplus · Accepted Answer

This is the basic principle of the law of demand, which states that as the price of a product or service increases, the demand for it decreases. Consumers will look for cheaper substitutes or reduce the quantity they purchase to avoid paying a higher price.

As the Price of a Product or Service Rises, Smart