A market demand schedule for a product indicates that
A) as the product's price falls, consumers buy less of the good.
B) there is a positive relationship between price and quantity demanded.
C) as a product's price rises, consumers buy more of the good.
D) there is a negative relationship between price and quantity demanded.

Question

Quizplus · Accepted Answer

The correct statement is "there is a negative relationship between price and quantity demanded." This means that as the price of a good or service increases, consumers will demand less of it, and as the price decreases, consumers will demand more of it. This is because when prices rise, consumers will look for substitutes or alternatives to the good or service, or simply choose to consume less of it. Therefore, the correct choice is D.

A Market Demand Schedule for a Product Indicates That