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17 February, 05:04

As the owner of a party store, you have decided to lower the price for all balloons this month. What do you expect to happen?

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  1. 17 February, 08:11
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    Quantity demanded for balloons will increase.

    Explanation:

    According to the law of demand, there is an inverse relationship between the price of the commodity and the quantity demanded for that commodity.

    This means that if there is an increase in the price of a good then as a result the quantity demanded for that good decreases and on the other hand if there is a fall in the price of a good then as a result the quantity demanded for that good increases.

    Therefore,

    Fall in the price of balloons will lead to increase the quantity demanded for balloons.
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