According to the law of demand an increase in the price of gasoline will: A. increase the quantity demanded of gasoline, other things constant. B. decrease the quantity demanded of gasoline, other things constant. C. increase the demand for gasoline. D. decrease the demand for gasoline.

Question

Chemistry

Rebecca Garza

8 September, 18:58

According to the law of demand an increase in the price of gasoline will: A. increase the quantity demanded of gasoline, other things constant. B. decrease the quantity demanded of gasoline, other things constant. C. increase the demand for gasoline. D. decrease the demand for gasoline.

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Answers (1)

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Jovanny Marsh · Answer 1

The answer is B. decrease the quantity demanded of gasoline, other things constant.

Explanation:

Demand is the amount of some good or service that consumers are willing and able to buy at each price.

The law of demand explains the behavior of consumer choice when the price changes and establishes that when other factors (like prices of related goods or services or tastes or preferences of consumers) are constant, the demand for price and the quantity of a good or service is inversely related to each other. This means that when the price of a product increases, the demand for the same product will fall.

According to this law an increase in the price of gasoline will decrease the quantity demanded of gasoline, other things constant.