The law of demand states that, all else held constant, Multiple Choice a. price and quantity demanded are inversely related. – Correct answer b. price and quantity demanded are directly related. c. the larger the number of buyers in a market, the lower the product price will be. d. consumers will buy more of a product at high prices than at low prices.
AnswerAnswer – Option A. Price and quantity demanded are inversely related. If all the other than price factors are kept constant , the demand curve is downward sloping representing rhe inverse relationship between the price and the quantity.
Other than price factors may be income , taste , related goods etc.