The law of demand says that
A) the customer is always right
B) quantity supplied equals quantity demanded
C) price and quantity supplied are inversely related
D) price and quantity demanded are inversely related
E) income and quantity demanded are directly related

Question

Quizplus · Accepted Answer

The law of demand states that as the price of a good or service increases, the quantity demanded decreases, and as the price decreases, the quantity demanded increases. Therefore, price and quantity demanded are inversely related. Choices A, B, and E are not accurate descriptions of the law of demand.

The Law of Demand Says That