The law of demand states:
A)that price and quantity demanded are inversely related.
B)that price and quantity demanded are inversely related, holding all other factors that influence demand fixed.
C)that demand for a good comes from the desire of buyers to directly consume the good itself.
D)an increase in demand results in an increase in price.

Question

Quizplus · Accepted Answer

The law of demand states that price and quantity demanded are inversely related, holding all other factors that influence demand fixed. This means that as the price of a good increases, the quantity demanded of that good will decrease, and as the price of a good decreases, the quantity demanded of that good will increase.

The Law of Demand States