When the price of a good increases and the quantity demanded decreases,this demonstrates:
A)efficiency
B)the law of demand
C)the supply schedule
D)the production possibilities frontier

Question

Quizplus · Accepted Answer

This situation demonstrates the law of demand, which states that as the price of a good increases, the quantity demanded decreases. This is a fundamental principle in economics and is one of the most basic and widely accepted laws in the field. It is important for understanding consumer behavior and the workings of markets.

When the Price of a Good Increases and the Quantity