The law of demand states that, as the price of a product increases, consumers
A)buy more of that product.
B)buy less of that product.
C)buy more of other related products.
D)buy less of other related products.
E)may buy more or less of that product.

Question

Quizplus · Accepted Answer

The law of demand states that as the price of a product increases, consumers will buy less of that product. This is because higher prices make the product less affordable and less attractive compared to other options.

The Law of Demand States That, as the Price of a Product