The fact that when the price of a good goes up, people buy less of it is known as the
A)law of supply.
B)law of demand.
C)concept of market equilibrium.
D)need for inferior goods.

Question

Quizplus · Accepted Answer

The law of demand states that there is an inverse relationship between the price of a good and the quantity demanded. As the price of a good increases, the quantity demanded decreases because people are unable or unwilling to pay the higher price.

The Fact That When the Price of a Good Goes