When other influences remain unchanged, consumers will demand more of a good or service at lower prices than at higher prices. This statement reflects:

Question

Quizplus · Accepted Answer

This statement reflects the law of demand, which states that, ceteris paribus (all other factors being equal), the quantity demanded of a good or service is inversely related to its price. When prices decrease, demand increases, and when prices increase, demand decreases.

When Other Influences Remain Unchanged, Consumers Will Demand More of a Good