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Read the passage and then answer the question:
A business has been researching sales data on its latest product. The data
show that a lot of customers want to buy its product but can't afford to at its
current price. The business decides to lower the price, resulting in a huge
increase in sales.
The situation described in the passage most reflects the impact of which
concept?
A. The income effect
B. The substitution effect
C. The law of demand
D. The law of supply

Respuesta :

Martebi

There are a lot of laws. The situation described in the passage most reflects the impact of The law of demand.

What is the law of demand?

The law of demand is known to be one of the  key and fundamental principle of economics.

It states that at an increased price, consumers will tend to demand a lower quantity of a good or services.

The shape and magnitude of demand shifts is due to the response to the various changes in consumer preferences, incomes, and others.

Learn more about The law of demand from

https://brainly.com/question/10782448

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