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Questions and Answers
According to the law of demand, what happens to the quantity consumers will buy as the price of a good decreases?
Which direction does the demand curve slope according to the law of demand?
What is the relationship between the price of a good and the quantity consumers will buy according to the law of demand?
Study Notes
The Law of Demand
- As the price of a good decreases, the quantity that consumers are willing to buy increases.
- The demand curve slopes downward, indicating an inverse relationship between price and quantity demanded.
- There is an inverse relationship between the price of a good and the quantity that consumers will buy, meaning that as the price falls, the quantity demanded rises, and vice versa.
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Description
Test your knowledge of the law of demand with this quiz! Learn about how the price of a good affects consumer behavior and how the demand curve is shaped.
