Economists refer to the relationship that a higher price leads to a lower quantity demanded as the _______.
A) income gap
B) market equilibrium
C) law of demand
D) price model

Question

Quizplus · Accepted Answer

The law of demand states that, all else being equal, as the price of a good or service increases, consumer demand for the good or service will decrease, and vice versa.

Economists Refer to the Relationship That a Higher Price Leads