Which of the following is true?
A) Buyers always prefer lower prices to higher prices.
B) Buyers never prefer lower prices to higher prices.
C) Buyers rarely prefer lower prices to higher prices.
D) Buyers prefer lower prices to higher prices,ceteris paribus.

Question

Quizplus · Accepted Answer

This statement is known as the law of demand, which states that ceteris paribus (all else equal), as the price of a good or service decreases, the quantity demanded increases. In other words, buyers prefer lower prices to higher prices, assuming all other factors remain constant. However, it is important to note that there may be situations where buyers may be willing to pay higher prices, such as for luxury or premium goods or if the higher price is associated with higher quality or value.

Which of the Following Is True