Suppose that the demand and supply functions for good x are given as follows: Of = 240-2P, 4 1 - P and Of = -30+ P. - 21 +s -2f where P. denotes the price of good x, P. denotes the price of a related product y. I denotes income, t denotes tax firms face, s denotes subsidy and f denotes factor prices. What happens to the demand for x as price of x rises? Demand for x rises since law of demand holds Demand for x falls since law of demand holds Demand for x stays the same but quantity demanded falls. Demand for x stays the same but quantity demanded rises