Type of Demand that changes only when price goes up or down. A. Market B. Supply C. Demand D. Circular Flow Model E. Factor Market F. Consumer Market G. Price H. Voluntary Exchange I. Mutual Benefit K. Standard of Value L. Rational Self‑Interest N. Cost‑Benefit Analysis O. Intervening Variable Q. Market Signal S. Quantity Demanded T. Law of Demand V. Purchasing Power W. Real Income Effect X. Inflation
Question & Answer
Type of Demand that changes only when price goes up or down
1 Answer
Verified archiveThe correct answer is T. Law of Demand.
The Law of Demand states that, all else being equal, an increase in the price of a good leads to a decrease in the quantity demanded, and conversely, a decrease in price leads to an increase in quantity demanded. This relationship shows how consumers respond to price changes.
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