Which of the following statement best describes the law of demand? There is no relationship between the price of a good/service and the quantity consumed. There is a positive relationship between the price of a good/service and the quantity consumed. The market will supply what consumers demand. There is a negative relationship between the price of a good/service and the quantity consumed. Consumers will demand what the market supplies.
Which of the following statement best describes the law of demand? There is no relationship between the price of a good/service and the quantity consumed. There is a positive relationship between the price of a good/service and the quantity consumed. The market will supply what consumers demand. There is a negative relationship between the price of a good/service and the quantity consumed. Consumers will demand what the market supplies.
Chapter3: Market Demand And Supply
Section: Chapter Questions
Problem 1SQ
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Q21
Transcribed Image Text:Which of the following statement best describes the law of demand?
There is no relationship between the price of a good/service and the quantity
consumed.
There is a positive relationship between the price of a good/service and the
quantity consumed.
The market will supply what consumers demand.
There is a negative relationship between the price of a good/service and the
quantity consumed.
Consumers will demand what the market supplies.
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