Ask Question
BusinessBusiness
23 February, 01:14

If the price of high speed internet access decreases then we would expect to see the quantity demanded increase. This statement reflects which law? Select one: a. Law of increasing opportunity cost b. Law of comparative advantage c. Law of supply d. Law of demand

+1
Answers (1)
  1. 23 February, 01:40
    0
    d. Law of Demand

    Explanation:

    The law of demand states, the quantity demanded of a product is indirectly related to it's price keeping other factors affecting demand as constant.

    The law states, more of a product is demanded when it's price falls and vice versa.

    It is noteworthy here that it is quantity demanded which changes when only price changes, not the demand itself. Demand would change when factors affecting demand other than price of the product change.

    In the given case, when price of high speed internet decreases, the quantity demanded increases. The statement indicates the operation of the law of demand.
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “If the price of high speed internet access decreases then we would expect to see the quantity demanded increase. This statement reflects ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers
You Might be Interested in
What type of marketing uses high-tech brain scanning instruments to record the brain's responses to various marketing stimuli (package designs, brand logos, fragrances, TV ads, and so on) via the five senses (sight, sound, smell, touch, and taste)
Answers (1)
Bank A offers to lend you $10,000 at a nominal rate of 6%, simple interest, with interest paid monthly. Bank B offers to lend you the $10,000, but it will charge 7%, simple interest, with interest paid at the end of the year.
Answers (2)
Which of the following type of income should a budget be based on
Answers (1)
Equipment was acquired on January 1, 2021, for $25,000 with an estimated four-year life and $1,000 residual value. The company uses straight-line depreciation. Record the gain or loss if the equipment was sold on December 31, 2023, for $7,600. a.
Answers (1)
What are some characteristics that entrepreneurs must have to be successful?
Answers (1)
New Questions in Business
Ms. Liu shares her web data with you, which shows that she has an average of 500 daily page views during the weekdays, and an average of 1,200 daily page views on the weekends. Each time someone loads one of her pages, it counts as a page view.
Answers (1)
Net income $ 209,600 Preferred stock outstanding, 12% cumulative $ 80,000 Market price per share of common stock $ 24.
Answers (1)
One practical reason that economists use percentages to measure elasticity is: a. that more complicated calculations tend to be more accurate b. to convert elasticities to the dollar units c. to convert units to the metric system d.
Answers (1)
Sometimes, while on the job at dairy king, jimmy forgets to ask, "do you want fries with that?" when customers order burgers. the fact that some customers are surprised by jimmy's behavior can be explained by
Answers (1)
Which of the following is the least risky? collectables, stock, savings bond, or savings account?
Answers (1)
Home » Business » If the price of high speed internet access decreases then we would expect to see the quantity demanded increase. This statement reflects which law? Select one: a. Law of increasing opportunity cost b. Law of comparative advantage c. Law of supply d.
Sign Up Forgot Password?