Asked by Gilberto Camacho on Apr 29, 2024
Verified
A negative relationship between the quantity demanded and price is called the law of:
A) demand.
B) marginality.
C) efficiency.
D) supply.
Negative Relationship
A relationship between two variables in which an increase in the value of one variable is associated with a decrease in the value of the other variable. It is illustrated by a curve that slopes downward from left to right.
Quantity Demanded
The aggregate quantity of a product or service that buyers are prepared to buy at a specified price point.
- Perceive the interaction between price adjustments and their influence on the quantity demanded, as outlined by the law of demand.
Verified Answer
MR
Manuel RodriguezMay 06, 2024
Final Answer :
A
Explanation :
The law of demand states that there is an inverse relationship between the quantity demanded of a good or service and its price. As the price of a good or service increases, the quantity demanded decreases, and vice versa.
Learning Objectives
- Perceive the interaction between price adjustments and their influence on the quantity demanded, as outlined by the law of demand.