25. The law of demand says that as prices increase, the quantity demand increases b. as prices increase, the quantity demand decreases C. as demand increases, the price Increases d. as demand increases, the price decreases 26. The law of supply says that as prices increase, the quantity supplied increases b. as prices increase, the quantity supplied decreases C. as supply increases, the price increases as supply decreases, the price increases 27. Goods that are demanded less as incomes increase are known as Services b. Normal Goods C. Inferior Goods Public Goods 28. When too much product is produced relative to demand, we have a scarcity shortage inflationary period surplus