Question

which statements describe the law of demand? higher prices increase demand higher prices mean lower quantity demanded price has no impact on demand lower prices mean higher quantity demanded

Explanation:

The law of demand states that, ceteris paribus (all other things being equal), as the price of a good or service increases, the quantity demanded decreases, and as the price decreases, the quantity demanded increases.

Answer:

Higher prices mean lower quantity demanded
Lower prices mean higher quantity demanded