Ceteris paribus, as the price of a good or service increases
A) people will buy more of it.
B) people will buy less of it.
C) people will want less of it.
D) people will want more of it.

Question

Quizplus · Accepted Answer

The law of demand states that as the price of a good or service increases, the quantity demanded will decrease. This is because as the price goes up, people will be less willing to buy the same amount or may switch to a substitute good or service that is less expensive.

Ceteris Paribus, as the Price of a Good or Service