3 Questions
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.
Test your understanding of the law of demand with this quiz. Explore the fundamental economic principle and its graphical representation. Assess your knowledge of the relationship between price and quantity demanded with this informative quiz.
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