Answer:
d. All of the above are correct
Explanation:
Demand refers to the quantities of a product that buyers are willing to purchase at a given price over time. The relationship between demand and price is explained in the law of demand. The law asserts that everything else remaining constant, the demand for a product is indirectly related to its price.
The demand curve illustrates the relationship between price and demand for a service or product. The curve is downward sloping showing how the quantity demanded changes with changes in price. Most goods will behave as per the demand curve. However, inferior goods tend to behave differently. An increase in income reduces the demand for an inferior product.
