The law of downward sloping demand states which of the following?
A. Food spending changes in the opposite direction as income changes.
B. When demand rises, supply falls.
C. Quantity response to price is elastic.
D. A larger quantity is demanded at a lower price than at a higher price, all other things held constant.
Ans: D. A larger quantity is demanded at a lower price than at a higher price, all other things held constant.
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