According to the law of demand,________.
A)it cannot be predicted how changes in price will affect demand
B)if prices increase,customers will buy more
C)customers are oblivious to price changes
D)if prices decrease,customers will buy more
E)demand equals supply

Question

Quizplus · Accepted Answer

The law of demand states that when the price of a good or service decreases, the quantity demanded will increase, and vice versa. This inverse relationship between price and quantity demanded is the basis of the law of demand. Therefore, if prices decrease, customers will buy more, which is the correct statement. Option A, B, C and E are incorrect.

According to the Law of Demand,________