Does the following scenario abide by the law of demand? Select the best answer. The price of laptops increased by $300.50, and the quantity demanded decreased by 100 .  a) No, this does not abide by the law of demand. b)Yes, this abides by the law of demand.

Definition Definition Economic principle that states that as the price of a good or service increases, the quantity demanded by consumers decreases, while a decrease in price leads to an increase in quantity demanded, assuming all other factors affecting the demand remaining constant.