As price increases and quantity demanded decreases, this is called: ?positively related ?the law of demand ?directly related ?the law of supply
Added by Jose Ignacio S.
Close
Step 1
Step 1: The relationship between price and quantity demanded is described by the law of demand, which states that as the price of a good or service increases, the quantity demanded decreases, and vice versa. Show more…
Show all steps
Your feedback will help us improve your experience
Crystal Wang and 91 other Microeconomics educators are ready to help you.
Ask a new question
Labs
Want to see this concept in action?
Explore this concept interactively to see how it behaves as you change inputs.
Key Concepts
Recommended Videos
The law of demand states that there is a ▼ relationship between price and quantity demanded. Ceteris paribus, as price rises, quantity demanded ▼ decreases increases ; as price falls, quantity demanded ▼ decreases increases during a given period of time, all other things remaining constant. Based on the law of demand, the demand curve must be ▼
Crystal W.
What does the law of demand imply? a. When price falls, quantity supplied rises. b. When price rises, quantity demanded rises also c. When price falls, quantity supplied falls also. d. When price rises, quantity demanded falls.
Brooke B.
The law of demand states that when (ceteris paribus): Group of answer choices price increases, quantity demanded increases price increases, quantity demanded decreases. price increases, demand decreases price increases, demand increases
T. L.
Recommended Textbooks
Principles of Economics
Principles of Microeconomics for AP® Courses
Economics
Transcript
Watch the video solution with this free unlock.
EMAIL
PASSWORD