According to the law of demand:
A)the intersection of demand and supply establishes the market equilibrium point.
B)consumers' tastes can influence the quantity demanded.
C)there is an inverse relationship between price and the quantity demanded.
D)"all other things held equal" is an important concept.
E)there is a direct relationship between price and the quantity demanded.

Question

Quizplus · Accepted Answer

The law of demand states that as the price of a good or service increases, the quantity demanded of that good or service will decrease, all other factors held constant. This means that there is an inverse relationship between price and quantity demanded. Therefore, choice C is the correct answer.

According to the Law of Demand