Question

question 19 (mandatory) (3.0303 points)
the law of demand states that

a) there is an inverse relationship between price and quantity demanded.

b) as price increases, quantity demanded increases.

c) there is an inverse relationship between price and quantity supplied.

Explanation:

The law of demand is a core economic principle that describes the relationship between the price of a good and the quantity consumers are willing to buy. It specifies that when all other factors are constant, a higher price leads to a lower quantity demanded, and vice versa, which is an inverse relationship. Option b describes a direct relationship, which contradicts the law. Option c refers to quantity supplied, which is related to the law of supply, not demand.

Answer:

a) there is an inverse relationship between price and quantity demanded.