The law of demand shows that there is
A) an inverse relationship between price and profit.
B) an inverse relationship between price and resource cost.
C) an inverse relationship between price and quantity demanded.
D) a direct relationship between price and quantity demanded.

Question

Quizplus · Accepted Answer

The law of demand states that as the price of a good or service increases, the quantity demanded by consumers will decrease, and as the price of a good or service decreases, the quantity demanded by consumers will increase. Therefore, there is an inverse relationship between price and quantity demanded.

The Law of Demand Shows That There Is