The law of demand states that
A)quantity demanded is inversely related to price
B)quantity demanded is directly related to income
C)marginal utility is inversely related to quantity consumed
D)total revenue is directly related to price
E)demand curves are linear

Question

Quizplus · Accepted Answer

The law of demand states that quantity demanded is inversely related to price. This means that as the price of a good or service increases, the quantity demanded will decrease, and as the price of a good or service decreases, the quantity demanded will increase. This relationship is shown on a demand curve, which is typically downward sloping.

The Law of Demand States That