Question

The law of demand says that a. quantity supplied equals quantity demanded b. the customer is...

The law of demand says that

a.

quantity supplied equals quantity demanded

b.

the customer is always right

c.

price and quantity demanded are inversely related

d.

income and quantity demanded are directly related

e.

price and quantity supplied are inversely related

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Answer #1

The law of demand says that "conditional on all else being equal, as the price of good increases, quantity demanded decreases; Conversely, as the price of good decreases, quantity demanded increases".

Thus, the correct answer is (c) price and quantity demanded are inversely related.

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