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The Law of Demand

Question 1 • RAIL NCAA OC Economics 2027

The law of demand states that as the price of a good rises, the quantity demanded of that good will [___] .

Answer
A
increase
B
decrease

Explanation

The law of demand says that, all else being equal, consumers buy less of a good when its price rises. Therefore, the quantity demanded will decrease, which is choice B.

AI-written and checked against the verified answer.

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