According to the law of demand,ceteris paribus,
A)The quantity demanded increases at lower prices.
B)A consumer will purchase more of a good at higher prices than at lower prices.
C)Price and quantity supplied are directly related.

Question

Quizplus · Accepted Answer

According to the law of demand, ceteris paribus (all other things being equal), there is an inverse relationship between the price of a good and the quantity of the good that consumers are willing and able to buy. As the price of a good increases, the quantity demanded of that good decreases, and vice versa. Therefore, choice A is the best choice as it correctly describes the law of demand. Choice B is incorrect as it contradicts the law of demand, and choice C describes the law of supply, which is different from the law of demand.

According to the Law of Demand,ceteris Paribus