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Water bottlers announce that next month the price of bottled water will rise by 25 percent. The demand for bottled water decreases. Thus, option d) is the correct answer.
What is demand in economics?
Demand in economics refers to a consumer's readiness to pay a certain price for products and services as well as their desire to buy them. Demand for a good or service often declines when its price goes up. The amount needed will rise as a product's price drops, in a similar manner.
Consumers and companies are quite familiar with the idea of demand since it makes sense and happens organically during the course of almost any day. For instance, when a product's pricing is low, shoppers who are keeping an eye on it will buy more of it. When costs increase, such as with a change in season, consumers may buy less or maybe nothing at all.
To study more about Demand
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