The "law" of demand can be best described by
A)people will buy things that they enjoy.
B)if incomes rise,people will buy more.
C)a rise in price will cause shortages.
D)a fall in price will increase quantity demanded.

Question

Quizplus · Accepted Answer

The "law" of demand states that as the price of a good or service increases, the quantity demanded of that good or service will decrease, and as the price of a good or service decreases, the quantity demanded of that good or service will increase. Therefore, choice D is the best answer as it best describes the "law" of demand.

The "Law" of Demand Can Be Best Described by