Under the law of demand,which of the following situations will likely result in increases in product purchases?
A) the consumer's need for the product
B) lowering the price of the product
C) raising the price of the product as an indication that it is of high quality
D) the knowledge that possessing such a product can add to a person's positive image

Question

Quizplus · Accepted Answer

According to the law of demand, as the price of a product decreases, the quantity demanded by consumers increases. Therefore, lowering the price of the product will likely result in increased purchases. The other options do not necessarily result in increased purchases according to the law of demand. Need for the product, high quality indication, and positive image are not factors that determine the quantity demanded based on the price of the product.

Under the Law of Demand,which of the Following Situations Will