According to the law of demand an increase in the price of gasoline will:
A. increase the quantity demanded of gasoline, other things constant.
B. decrease the quantity demanded of gasoline, other things constant.
C. increase the demand for gasoline.
D. decrease the demand for gasoline.
Answer:B
According to the law of demand an increase in the price of gasoline will:
A. increase the quantity demanded of gasoline, other things constant. B. decrease the quantity demanded of gasoline, other things constant. C. increase the demand for gasoline. D. decrease the demand for gasoline.
Explanation: The law of demand states that less of a good will be demanded the higher its price, other things constant.