Question

the law of demand states that, other things equal, consumers will buy more of a product at high prices than at low prices. price and quantity demanded are inversely related. the larger the number of buyers in a market, the lower will be product price. price and quantity demanded are directly related. question 27 2 pts an increase in the price of a product will reduce the amount of it purchased because consumers will substitute other products for the one whose price has risen. consumers substitute relatively high - priced for relatively low - priced products. the higher price will signal to consumers that the good is of low quality. the higher price means that real incomes have risen.

Explanation:

The law of demand states that, ceteris paribus (other things equal), price and quantity demanded are inversely related. When the price of a product increases, consumers will substitute other products for the one whose price has risen due to the substitution - effect.

Answer:

For the first question: price and quantity demanded are inversely related.
For the second question: consumers will substitute other products for the one whose price has risen.