carolinec7374 carolinec7374
  • 07-02-2020
  • Business
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According to the law of demand, what is the relationship between price and quantity demanded?

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Dryomys Dryomys
  • 08-02-2020

Answer:

According to the law of demand, there is a negative or an inverse relationship between the price of the good and the quantity demanded of that good. This means that an increase in the price of a commodity will lead to decrease the quantity demanded for this commodity and a fall in the price of a commodity will lead to an increase in the quantity demanded for this commodity.

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