According to the law of demand, when the price of a good or service increases, the demand for such good or services decreases proportionately. Therefore, the option B holds true.
What is the significance of the law of demand?
The law of demand is a basic law of microeconomics, which deals with the relation between the price and demand of a good or service in an economy. It states that price and demand of a good or service are indirectly in relation with each other.
According to this indirect relation between price and demand, one can easily come to a conclusion that if the price of a good or a service decreases, its demand increases and vice versa.
Therefore, the option B holds true and states regarding the significance of the law of demand.
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