Question

    In a typical demand schedule, quantity demanded varies

    A directly with price Correct Answer Incorrect Answer
    B proportionately with price Correct Answer Incorrect Answer
    C inversely with price Correct Answer Incorrect Answer
    D independent of price Correct Answer Incorrect Answer

    Solution

    In a typical demand schedule, quantity demanded varies inversely with price. The law of demand states that a higher price typically leads to a lower quantity demanded.

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