Economics · Law of Demand
In economic terms, what does the 'law of downward-sloping demand' state?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1The more we consume a good, the less satisfaction each additional unit of consumption provides.
- 2The higher the price of a good, the more units consumers are willing to purchase.
- 3The substitution and income effects lead consumers to opt for cheaper alternatives.
- 4There is an inverse relationship between the price of a good and the quantity demanded.✓
Correct answer
There is an inverse relationship between the price of a good and the quantity demanded.
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