/10) Which of the following is the best example of the Law of Demand? A) When the price of gasoline increased, the demand for cars fell. B) When the price of tea increased, the quantity demanded of tea decreased. C) When the price of Nokia phones increased, the demand for Samsung phones increased. D) When Alex received a pay hike, his consumption of all goods increased.

Question

/10) Which of the following is the best example of the Law of Demand? A) When the price of gasoline increased, the demand for cars fell. B) When the price of tea increased, the quantity demanded of tea decreased. C) When the price of Nokia phones increased, the demand for Samsung phones increased. D) When Alex received a pay hike, his consumption of all goods increased.

Answer 1

The best example of the Law of Demand is:B) When the price of tea increased, the quantity demanded of tea decreased.The Law of Demand states that, all else being equal, as the price of a good or service increases, the quantity demanded decreases, and vice versa. Option B directly illustrates this principle by showing that as the price of tea rises, the quantity demanded of tea falls.

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