Which statement expresses the law of demand?
A) There is a positive relationship between price and consumer surplus.
B) There is a positive relationship between price and quantity that buyers are willing and able to purchase.
C) There is an inverse relationship between the willingness to pay and the ability to pay.
D) There is a negative relationship between price and quantity demanded.

Question

Quizplus · Accepted Answer

The law of demand states that there is a negative relationship between the price of a good and the quantity demanded, ceteris paribus. In other words, as the price of a good increases, the quantity demanded decreases, and vice versa.

Which Statement Expresses the Law of Demand