The law of demand can be expressed as
- P = f(Q d)
- Q d = f(\(\frac{1}{p}\)
- P = f(\(\frac{1}{Q_d}\)
-
Qd = f(P)
The correct answer is: D
Explanation
The law of demand states that, all things being equal, as the price (P) of a good or service decreases, the quantity demanded (Qd) increases, and vice versa. This relationship can be expressed as a function where the quantity demanded is a function of price.
In economic terms, the law of demand is typically expressed as Qd = f(P), which implies a negative slope. This indicates that as prices rise, the quantity demanded decreases.