Question

The law of demand states that, other things equal: Select one: a. price and quantity demanded are inversely related. b. consumers will buy more of a product at high prices than at low prices. c. the larger the number of buyers in a market, the lower will be product price. d. price and quantity demanded are directly related.

Answer 1

The law of demand state correct option is (a) price and quantity demanded are inversely related.

What is law of demand states?

The law of demand is a fundamental principle of the economic idea of higher price leads to a lower quantity demanded and that a lower price leads to a higher quantity demanded.

The  rule of demand, if all other variables remain constant, the price and quantity desired of any good or service are inversely related. When the price of a product rises, the demand for that product low as well.

As result, the law of demand states as remain constant towards a price and quantity demanded are inversely related.

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