Asked by Jiwanjot Singh on May 11, 2024
Verified
A negative relationship between quantity demanded and price is called the law of:
A) demand.
B) increasing returns.
C) market clearing.
D) supply.
Negative Relationship
A situation or condition in which an increase in one variable leads to a decrease in another variable.
Quantity Demanded
The total amount of goods or services that consumers are willing and able to purchase at a given price over a specific time period.
- Learn about the correlation between price adjustments and their effects on the quantity of demand based on the demand law.
Verified Answer
EM
Ellen MartinezMay 18, 2024
Final Answer :
A
Explanation :
The law of demand states that there is an inverse relationship between the price of a good and the quantity demanded of that good. As the price of a good increases, consumers will demand less of it, and as the price decreases, consumers will demand more of it.
Learning Objectives
- Learn about the correlation between price adjustments and their effects on the quantity of demand based on the demand law.