To say that the quantity demanded of a good is negatively related to the price of the good is to say that

Question

Quizplus · Accepted Answer

The statement "the quantity demanded of a good is negatively related to the price of the good" means that as the price of the good increases, the quantity demanded of the good will decrease. This is because consumers will be less willing to pay a higher price for the good, and may seek out alternatives or reduce their overall consumption of it. Therefore, choice B ("an increase in the price of the good leads to a decrease in the quantity demanded of the good") is the correct answer.

To Say That the Quantity Demanded of a Good Is