What does the law of demand state?
A) As incomes increase, people consume more of all goods.
B) The demand for a good increases with the number of consumers in the market.
C) As the price of a good declines, consumers purchase more of that good.
D) The supply of a good increases in proportion to the demand for it.

Question

Quizplus · Accepted Answer

The law of demand states that as the price of a good or service decreases, the quantity demanded of that good or service will increase, and vice versa. This means that there is an inverse relationship between price and quantity demanded.

What Does the Law of Demand State