Answered

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Which economics concept states that price and quantity of demand have an inverse relationship?

A. Law of Supply
B. Law of Microeconomics
C. Law of Demand
D. Law of Macroeconomics

Sagot :

GinnyAnswer

Final answer:

The law of demand in economics explains the inverse relationship between price and quantity demanded.


Explanation:

The law of demand states that quantity and price are negatively related. If the price of a product increases, the quantity demanded decreases, and vice versa. This relationship is due to diminishing marginal utility and varying consumer valuations.


Learn more about Law of Demand here:

https://brainly.com/question/32463907


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