Question

The law of demand is the assertion that A. changes in price and changes in quantity demanded move in the same direction. B. the demand for a product is negatively related to its price. C. the quantity demanded of a product is inversely related to its price. D. the quantity demanded of a product is directly related to its price.

Answer 1

Answer:

(C). the quantity demanded of a product is inversely related to its price.

Explanation:

According to the law of demand, when the price of a product is high, the quantity of that product that will be demanded will be low, because customers won't want to pay so much to get the product.

Similarly, when the price of the product drops, the the demand for it will increase.

Therefore the quantity of a product demanded is inversely related to its price.