Economics · Demand Theory

In economic terms, what does the law of downward-sloping demand refer to?

Verified Solution4 OptionsUpdated: October 2026👁️1 View

1There is an inverse relationship between the price of a good and the quantity demanded.✓
2Consumers always choose cheaper alternatives due to substitution effects.
3The higher the price of a good, the more units consumers are willing to purchase.
4The more we consume a good, the less satisfaction each additional unit provides.

Correct answer

There is an inverse relationship between the price of a good and the quantity demanded.

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