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Last year the price of corn was $3 a bushel and the quantity of corn demanded was 10 million bushels. this year the price of corn was $4.00 a bushel and the quantity demanded was 9 million bushels. is this evidence that the law of demand does not apply to corn?

Respuesta :

haileystacey05
You would have to divide the number of bushels by the price.

No, the evidence that the law of demand does not apply to corn because the other- things- equal assumption was violated over the two year period.

What is Law of Demand?

The Law of Demand states that the other factors being constant, price and quantity demand of any good and service are inversely related to each other.

Thus, as the price of a product increases, the demand for the same falls.

To know more about Law of Demand here;

https://brainly.com/question/10782448

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