According to the Law of Demand, an increase in the price of Good X will cause:

Question

Quizplus · Accepted Answer

The Law of Demand states that, all else being equal, as the price of a good increases, the quantity demanded of that good decreases. Therefore, an increase in the price of Good X will cause a decrease in the quantity of Good X demanded, not a decrease in demand itself. Demand refers to the entire relationship between price and the quantity demanded, while quantity demanded refers to a specific point on the demand curve.

According to the Law of Demand, an Increase in the Price