Suppose Lorna will buy more sweaters if the price of sweaters rises.She is violating the
A)law of supply
B)law of increasing costs
C)law of large numbers
D)law of diminishing costs
E)law of demand

Question

Quizplus · Accepted Answer

The law of demand states that as price increases, the quantity demanded decreases, and vice versa. Lorna's behavior of buying more sweaters as the price increases is contrary to this law, and therefore violates it.

Suppose Lorna Will Buy More Sweaters If the Price of Sweaters