Economists refer to the relationship that a higher price leads to a lower quantity demanded as the _____________.

Question

BlackTom AI · Accepted Answer

The question asks about economists’ term for the relationship in which higher price leads to lower quantity demanded.
Option 1: 'income gap' — This term relates to disparities in income distribution, not to how price affects quantity demanded. It does not capture the price-quantity relationship described here.
Option 2: 'market equilibrium' — Market equilibrium describes a state where quantity supplied equals quantity demanded, not the directional relationship between price and quantity demanded itself. It’s a broader concept of balance, not specifically the law governing price and quantity demanded.
Option 3: 'law of demand' — This is the standard principle stating that, all else equal, as price rises, consumers buy less, leading to a lower quantity demanded. It directly matches the described relationship and is the established term economists use.
Option 4: 'price model' — A price model could refer to a mathematical or theoretical framework for price determination, but it’s not the conventional label for the inverse price-quantity relationship described in the question.
In summary, among the options, the term that correctly names the inverse relationship between price and quantity demanded is the law of demand, which captures the intuitive and empirical pattern that higher prices typically reduce the quantity consumers are willing to purchase.

Economists refer to the relationship that a higher price leads to a lower quantity demanded as the _____________.单项选择题

类似问题

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