What does the law of demand state?
A) As incomes increase, people consume more of all goods.
B) The demand for a good increases with the number of consumers in the market.
C) As the price of a good increases, consumers purchase less of that good.
D) The supply of a good increases in proportion to the demand for it.

Question

Quizplus · Accepted Answer

The law of demand states that as the price of a good increases, the quantity demanded of that good will decrease. This inverse relationship between price and quantity demanded is a fundamental concept in economics.

What Does the Law of Demand State