Economics · Microeconomics
Which of the following statements best describes the standard Law of Demand?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1A change in consumer tastes leads to a movement along the demand curve.
- 2The quantity demanded of a good falls when the price of the good rises, ceteris paribus.✓
- 3As income increases, the quantity demanded of a normal good decreases.
- 4There is a direct relationship between the price of a good and the quantity demanded, ceteris paribus.
Correct answer
The quantity demanded of a good falls when the price of the good rises, ceteris paribus.
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