Which of the following statements best describes the law of demand?
A) As the price goes up, I like the product better.
B) As the price goes down, I like the product better.
C) When I want a product, price makes no difference to me.
D) Well over 90 percent of all shoppers pay no attention to price.

Question

Quizplus · Accepted Answer

The law of demand states that as the price of a product goes down, the quantity demanded of that product will increase, and as the price of a product goes up, the quantity demanded of that product will decrease. Therefore, choice B best describes the law of demand. Choices A, C, and D are incorrect statements that do not align with the law of demand.

Which of the Following Statements Best Describes the Law of Demand