Answer:
As demand rises, the price of the product decreases
As demand decreases, costs generally increase
The average rate of change describes how much a quantity changes as price increases.
Step-by-step explanation:
As we know that
The price and the supply has a direct relationship between each other according to the law of supply that means if the price of the product increases the supply of the product is also increases and vice versa
And, the price and the demand had an inverse relationship between each other according to the law demand that means if the price of the product increases the demand of the product is decreased and vice versa
Plus if there is an increase in prices so how much quantity changes are computed by considering the average rate of change
Therefore, these above three statements are true.
As supply rises, prices decrease.
And The average rate of change describes how much a quantity changes as prices increases
As supply decreases, prices increase. It seems logical but I'm not 100% positive on the last one. I know the first 2 are right.
