USLIUITTUITINCI 1
As price increases, the quantity that
consumers are willing to purchase
decreases; as price decreases, the
quantity the consumers are willing to
buy increases. This is known as which
of the following?
Demand

The correct answer is letter "B": Law of demand.

Explanation:

The law of demand establishes an inverse relationship between the quantity demanded of goods and services and their price. If the price increases, the quantity demanded will decrease (the demand curve moves to the left). In case the price decreases, the quantity demanded will increase (the demand curve moves to the right).