The fact that price and quantity demanded are related negatively illustrates the:

Question

Quizplus · Accepted Answer

The law of demand states that there is an inverse relationship between the price of a good or service and the quantity demanded. In other words, as the price of a product increases, the demand for the product tends to decrease, and vice versa. This is illustrated by the downward sloping demand curve. Therefore, choice C is the correct answer.

The Fact That Price and Quantity Demanded Are Related Negatively