The law of demand refers to the:

Question

Quizplus · Accepted Answer

The law of demand states that as the price of a good increases, the quantity of that good demanded by consumers will decrease, and vice versa. This is an inverse relationship between price and quantity demanded. Therefore, option C is the correct choice. Option A is incorrect because it describes the law of supply, not the law of demand. Option B describes a situation where demand is greater than supply, which is not directly related to the law of demand. Option D describes the law of supply, which is the opposite of the law of demand.

The Law of Demand Refers to The