According to the law of demand, what is the effect of a rise in the price of a product?

Show Answers

No impact on the quantity demandedA reduction in the quantity demanded for that productAn increase in the quantity demanded for that productA decrease in the quantity supplied of that productAn increase in the quantity supplied of that product

Explanation

The law of demand indicates that when the price of a good goes up, consumers tend to buy less of it, leading to a decrease in the quantity demanded.