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.
(C). the quantity demanded of a product is inversely related to its price.
Explanation:
According to the law of demand, <u>when the price of a product is high, the quantity of that product that will be demanded will be low</u>, because customers won't want to pay so much to get the product.
Similarly, <u>when the price of the product drops, the the demand for it will increase.</u>
Therefore the quantity of a product demanded is inversely related to its price.
