All the statements are correct. The law of demand states that thehigher the price of a good, the lesser the people will want to buy it. While the lower the price, the more the people will want to buy it. Inconjunction with this, the law of supply states that the greater the price of a good, the more the goods will be produced. Conversely, thelower the price of a good, the lesser the amount of goods would beproduced.