Which of the following does the law of demand specifically imply?
A) If the product price increases, quantity demanded will decrease.
B) If consumer income increases, quantity demanded will increase.
C) If the product price increases, quantity demanded will increase.
D) If consumer income increases, quantity demanded will decrease.
E) If supply increases, demand will increase.

Question

Quizplus · Accepted Answer

The law of demand states that, all else being equal, as the price of a product increases, the quantity demanded of that product will decrease.

Which of the Following Does the Law of Demand Specifically