The statement that "if price and convenience of two products are equal, the product customers associate with the highest consumption utility is likely to have the highest demand" is True.
As a subject of economics, utility is used to model well-worth or price. Its usage has evolved appreciably through the years. The term was introduced, to begin with as a degree of pride or happiness as a part of the idea of utilitarianism through moral philosophers inclusive of Jeremy Bentham and John Stuart Mill.
In economics, demand is the amount of a terrific that customers are willing and able to purchase at diverse prices during a given time. the relationship between the fee and the amount called for is also referred to as the demand curve.
The law of demand states that because the price of a great decrease, the amount demanded of that properly will increase. In different phrases, the regulation of call for states that the demand curve, as a feature of rate and quantity, is constantly downward sloping.
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