The law of demand states that, other things constant, there is:

Question

Quizplus · Accepted Answer

The law of demand states that there is an inverse or negative relationship between the price of a good or service and the quantity demanded, ceteris paribus (all other things being equal). In other words, as the price of a good or service increases, the quantity demanded of that good or service will decrease, and vice versa. It has nothing to do with income. Option A is incorrect because the law of demand does not describe a positive relationship between income and quantity demanded. Option B is also incorrect for the same reason. Option C is also incorrect because it describes a positive relationship between price and quantity demanded, which is not what the law of demand states.

The Law of Demand States That, Other Things Constant, There