Which of the following best represents the law of demand?
A)As the price of a good decreases, the demand for the good increases.
B)As the price of a good increases, the quantity demanded of that good decreases.
C)As the demand for a good increases, the price of that good increases.
D)As the price of a good decreases, the demand curve for that good shifts to the right.

Question

Quizplus · Accepted Answer

The law of demand states that as the price of a good increases, the quantity demanded of that good decreases. This is because as the price goes up, consumers become less willing and able to purchase the good. As the price goes down, consumers become more willing and able to purchase the good. Therefore, choice B best represents the law of demand.

Which of the Following Best Represents the Law of Demand