Law of Demand Quiz

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Explain the law of demand with diagram

The law of demand states that, all else being equal, as the price of a good or service increases, the quantity demanded decreases, and vice versa. This relationship is typically represented by a downward-sloping demand curve on a graph, where the x-axis represents quantity and the y-axis represents price.

What does the law of demand state?

The law of demand states that, all else being equal, as the price of a good or service increases, the quantity demanded decreases, and vice versa.

How is the law of demand typically represented on a graph?

The law of demand is typically represented by a downward-sloping demand curve on a graph, where the x-axis represents quantity and the y-axis represents price.

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