Which of the following best represents the law of demand?
A) As the price of a good decreases, the demand for the good increases.
B) As the price of a good increases, the quantity demanded of that good decreases.
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.
B
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The demand curve
A. Is a graphical representation of the relationship between price and quantity demanded. B. Determines equilibrium price in a market. C. Depicts the relationship between production costs and output. D. Is a graphical representation of the relationship between price and quantity supplied
Comment on the following statement: "An increase in the wage always leads to an increase in the quantity of labor supplied."
What will be an ideal response?