The Law of Demand States That, Other Things Remaining the Same

Multiple Choice

The law of demand states that, other things remaining the same,

A) the higher the price of a good, the greater is the quantity demanded.
B) as income increases, willingness to pay for the last unit purchased increases.
C) price and quantity supplied are positively related.
D) the higher the price of a good, the smaller is the quantity supplied.
E) the higher the price of a good, the smaller is the quantity demanded.