The law of demand states that as the price

Question

Quizplus · Accepted Answer

The law of demand states that as the price of a good increases, the total quantity demanded decreases. This means that consumers are less willing to purchase the good as the price increases, resulting in a lower demand. Conversely, as the price of a good decreases, the total quantity demanded increases as consumers are more willing to purchase it at a lower price. Option A is incorrect because a price increase would lead to a decrease in demand, not an increase. Option B is incorrect because a price decrease would increase demand, not decrease it. Option D is incorrect because the law of demand suggests that there is an inverse relationship between price and quantity demanded, and an increase in price cannot result in the same demand.

The Law of Demand States That as the Price