The law of demand states that the quantity demanded of a good is inversely related to the price of that good. Therefore, as the price of a good goes:
A) up, the quantity demanded also goes up.
B) up, the quantity demanded goes down.
C) down, the quantity demanded goes down.
D) down, the quantity demanded stays the same.

Question

Quizplus · Accepted Answer

According to the law of demand, as the price of a good increases, the quantity demanded decreases, and vice versa.

The Law of Demand States That the Quantity Demanded of a Good