Which of the following best represents the law of demand?
A) As the price of a good decreases, the quantity demanded of that good decreases.
B) As the price of a good decreases, the quantity demanded of that good increases.
C) As the demand for a good increases, the price of that good increases.
D) As the price of a good decreases, the demand curve for that good shifts to the right.

Question

Quizplus · Accepted Answer

The law of demand states that as the price of a good decreases, the quantity demanded of that good increases. This can be represented by a downward sloping demand curve where the x-axis represents quantity demanded and the y-axis represents the price. As price decreases, the quantity demanded increases along the demand curve.

Which of the Following Best Represents the Law of Demand