The law of demand implies that:
A)consumers are not responsive to price changes.
B)consumers will buy more at lower prices.
C)sellers will offer more on the market at higher prices.
D)sellers will offer less on the market at lower prices.

Question

Quizplus · Accepted Answer

The law of demand states that as the price of a good or service increases, the quantity demanded by consumers decreases, and conversely, as the price of a good or service decreases, the quantity demanded by consumers increases. Therefore, consumers are more responsive to lower prices and will buy more at lower prices.

The Law of Demand Implies That