Which statement expresses the law of demand? There is a positive relationship between price and quantity that buyers are willing and able to purchase. There is a positive relationship between price and consumer surplus. There is an inverse relationship between the willingness to pay and the ability to pay. There is a negative relationship between price and quantity demanded.

The correct answer is letter "D": There is a negative relationship between price and quantity demanded.

Explanation:

The demand law states as long as the price of a good or service increases the quantity demanded decreases and the supply curve shifts leftwards. In case the price of products decrease, the quantity demanded increase and the demand curve moves to the right. In such a scenario, the demand law studies an inverse proportional relationship between price and quantity demanded. The relationship can also be labeled as negative.

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rational decision making is a multi-step process for making choices between alternatives. the process of rational decision making favors logic, objectivity, and analysis over subjectivity and insight. the word “rational” in this context does not mean sane or clear-headed as it does in the colloquial sense.

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