-
The law of demand states that
-
- if the price of a good increases, the demand for that good decreases.
- if the price of a good increases, the the demand for that good increases.
- if the price of a good increases, the quantity demanded of that good decreases.
- if the price of a good increases, the quantity demanded of that good increases.
- if the price of a good increases, the demand for that good decreases.
Correct Option: C
The law of demand states that, other things remaining the same, the quantity demanded of a commodity is inversely related to its price. Thus, according to the law of demand, there is an inverse relationship between price and quantity demanded, other things remaining the same.
