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