The law of demand implies that,other things remaining the same,
A) as the price of a cheeseburger rises, the quantity of cheeseburgers demanded increases.
B) as the price of a cheeseburger rises, the quantity of cheeseburgers demanded decreases.
C) as income increases, the quantity of cheeseburgers demanded increases.
D) as the demand for cheeseburgers increases, the price of a cheeseburger falls.
E) as more people demand cheeseburgers, the quantity demanded increases.

Question

Quizplus · Accepted Answer

The law of demand states that there is an inverse relationship between the price of a good and the quantity of that good demanded, other things being equal. This means that as the price of a cheeseburger rises, consumers will demand less cheeseburgers, and as the price of a cheeseburger falls, consumers will demand more cheeseburgers. Therefore, choice B is the correct answer.

The Law of Demand Implies That,other Things Remaining the Same