The tendency for quantity demanded to be higher when the price is lower is known as the law of:
A)unintended consequences.
B)increasing returns.
C)demand.
D)supply.

Question

Quizplus · Accepted Answer

The law of demand states that there is an inverse relationship between price and quantity demanded. As the price of a good or service increases, the quantity demanded decreases and vice versa. This is a fundamental principle in economics and is the basis for understanding how changes in prices affect consumer behavior.

The Tendency for Quantity Demanded to Be Higher When the Price