Which of the following statements correctly defines the law of demand?

Question

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The law of demand states that there is an inverse relationship between the price of a good and the quantity demanded of that good. In other words, as the price of a good decreases, the quantity demanded of that good usually increases, and vice versa. Option A is incorrect because it suggests that as the price of a commodity decreases, the quantity demanded of that commodity also decreases, which is not the case. Option B is incorrect because it goes against the law of demand. Option D is incorrect because it refers to the law of supply, not the law of demand. Option E is incorrect because it describes the concept of cross-price elasticity of demand, rather than the law of demand.

Which of the Following Statements Correctly Defines the Law of Demand