Which of the following is the best and most accurate definition of the Law of Demand?
A) As businesses increase the price and quality of a product, consumer demand for the higher quality product increases, ceteris paribus.
B) In response to an increase in household income, consumers increase their demand for inferior goods, ceteris paribus
C) After households increase the quantity demanded for a product, the product price increases, ceteris paribus.
D) As the price of a product decreases, the consumers imake no change in the quantity demanded for that product, ceteris paribus.
E) As the price of a product decreases, the consumers increase their quantity demanded for that product, ceteris paribus.

Question

Quizplus · Accepted Answer

Law of Demnand: Ceteris paribus, consumers rationally purchase less units of the same product, in response to an increased price.

Which of the Following Is the Best and Most Accurate