American Journal of Agricultural Economics, Vol. 91, No. 4 (Nov., 2009), pp. 1110-1123 (14 pages) In this article, we advocate more extensive use of the benefit function in specifying price-dependent ...

Upon the graph is a downward-sloping demand curve where price and quantity demanded are shown to have an inverse relationship (there is usually an upward-sloping supply curve as well).

The basic assumption of the law of demand concludes that there is a negative correlation between the quantity demanded and price.