Saarland Abitur Economics And Business Practice Questions - Saarland Abitur Economics And Business (Wirtschaftslehre) Exam - Variant 2

What does the 'Gesetz der Nachfrage' (law of demand) state about the relationship between price and quantity demanded?

As the price of a good rises, the quantity demanded typically falls, all else being equal (ceteris paribus) As the price of a good rises, the quantity demanded always rises proportionally Price and quantity demanded have no relationship whatsoever The law of demand applies only to luxury goods, never to necessities

Correct Answer:

As the price of a good rises, the quantity demanded typically falls, all else being equal (ceteris paribus)

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