Which of the following is proven when buyers purchase more of a product when the price drops and less when the price increases?
A) Demand
B) Laws of supply
C) Laws of demand
D) Degree of competition
E) Free market economy

Question

Quizplus · Accepted Answer

When buyers purchase more of a product when the price drops and less when the price increases, it indicates the law of demand. The law of demand states that there is an inverse relationship between price and quantity demanded i.e. as the price of a good increases, the demand for the same decreases and vice versa. Therefore, option C - Laws of demand is the correct answer.

Which of the Following Is Proven When Buyers Purchase More