"Buyers will purchase more of a product as its price drops and less of a product as its price increases." The situation being described is referred to as ________.
A) buyer's remorse
B) purchase dissonance
C) the law of supply
D) the law of demand

Question

Quizplus · Accepted Answer

The situation being described is the basic principle of the law of demand, which states that consumers will demand more of a good at lower prices and less of a good at higher prices.

"Buyers Will Purchase More of a Product as Its Price