The law of demand states that there is a negative relationship between price and quantity demanded, ceteris paribus.

Question

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The statement accurately describes the law of demand, which applies under the assumption that all other factors that could affect demand (such as income, preferences, prices of related goods, etc.) remain constant, or ceteris paribus. In other words, as the price of a good or service increases, the quantity demanded will decrease, and vice versa.

The Law of Demand States That There Is a Negative