What is the term economists use to refer to the relationship that a higher price leads to a lower quantity demanded?

law of demand

income gap

market equilibrium

price model

Question

Beasley

Business

2 September, 05:50

What is the term economists use to refer to the relationship that a higher price leads to a lower quantity demanded?

law of demand

income gap

market equilibrium

price model

+5

Answers (1)

Know the Answer?

Shelby Kaufman · Answer 1

Answer: Law of demand

Sometimes, a price decreases due to quantity demanded while the fall in price with increase to the quantity demanded. A higher price leads to the quantity demanded of a better service. Therefore, law of demand if your answer.

What is the term economists use to refer to the relationship that a higher price leads to a lower quantity demanded?law of demandincome gapmarket equilibriumprice model

What is the term economists use to refer to the relationship that a higher price leads to a lower quantity demanded?

law of demand

income gap

market equilibrium

price model