MKT-2.A—a. Define (using graphs as appropriate) the law of demand. b. Explain (using graphs as appropriate) the relationship between the…

a. Define (using graphs as appropriate) the law of demand. b. Explain (using graphs as appropriate) the relationship between the price of a good or service and the quantity demanded.

• The law of demand states there is an inverse relationship between price and quantity demanded, leading to a downward-sloping demand curve.
• Enduring understanding MKT-2: In a competitive market, demand for and supply of a good or service determine the equilibrium price.