The law of demand states that,other things equal,

Name: The law of demand states that,other things equal,
Brand: Quizplus
Rating: 5.0 (60 reviews)

Question

Quizplus · Accepted Answer

The law of demand states that, ceteris paribus (other things equal), an increase in the price of a good or service will result in a decrease in the quantity demanded of that good or service. In other words, there is an inverse relationship between price and quantity demanded. Thus, option B is the correct answer as it mentions that an increase in price causes quantity demanded to decrease.

The Law of Demand States That,other Things Equal