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      Question

      The law of demand states that, other things being

      equal:
      A Quantity demanded varies inversely with price. Correct Answer Incorrect Answer
      B Quantity demanded varies directly with price. Correct Answer Incorrect Answer
      C Demand varies inversely with price. Correct Answer Incorrect Answer
      D Demand varies directly with price. Correct Answer Incorrect Answer
      E Quantity demanded is independent of price. Correct Answer Incorrect Answer

      Solution

      The law of demand states that as the price of a good increases, the quantity demanded decreases, and vice versa, assuming all other factors remain constant.

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