Albert Jones went to his local department store to purchase a pair of Levi's. He thought that the style of Levi's that he wanted would sell for about $30 a pair. When he got to the store, he saw a sign which said, Levi's, all styles, $18 a pair. Albert bought three pairs of Levi's. The behavior of Albert is consistent with
A) the law of supply.
B) the law of demand.
C) ceteris paribus.
D) the law of supply and demand.
E) can't tell with the information provided.

Question

Quizplus · Accepted Answer

Albert's behavior of buying more pairs of Levi's when the price was lower than he expected is consistent with the law of demand, which states that, all else being equal, as the price of a good decreases, the quantity demanded of that good increases.

Albert Jones Went to His Local Department Store to Purchase