The ʺlaw of demandʺ states that, other things remaining the same, the quantity demanded of any good is

Name: The ʺlaw of demandʺ states that, other things remaining the same, the quantity demanded of any good is
Brand: Quizplus
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Question

Quizplus · Accepted Answer

The law of demand states that as the price of a good or service increases, the quantity demanded by consumers decreases, assuming other factors are held constant. This is an inverse relationship, which is why option B, "inversely related to its price," is the correct answer.

The ʺLaw of Demandʺ States That, Other Things Remaining the Same