The law of demand is the principle that there is ____ relationship between the price of a good and the quantity buyers are willing to purchase in a defined time period, ceteris paribus.

Question

Quizplus · Accepted Answer

The law of demand states that as the price of a good increases, the quantity of the good demanded will decrease, and as the price of a good decreases, the quantity of the good demanded will increase. This is known as an inverse relationship. Therefore, the correct answer is C - an inverse relationship.

The Law of Demand Is the Principle That There Is