The law of demand states that:
A)quantity demanded is inversely related to price.
B)quantity demanded is directly related to income.
C)marginal utility is directly related to quantity consumed.
D)total utility from consumption of a good is directly related to its price.
E)marginal valuation of the good is directly related to demand.

Question

The law of demand states that:​
A)quantity demanded is inversely related to price.
B)quantity demanded is directly related to income.
C)marginal utility is directly related to quantity consumed.
D)total utility from consumption of a good is directly related to its price.
E)marginal valuation of the good is directly related to demand.

Quizplus · Accepted Answer

The law of demand states that there is an inverse relationship between the price of a product and the quantity of the product demanded. As the price of a good or service increases, the quantity demanded decreases, and vice versa. This inverse relationship is known as the law of demand.

The Law of Demand States That:​

The Law of Demand States That: