The Law of Demand suggests that
A)Higher prices automatically result in higher profits
B)Demand determines supply
C)The lower the price of a product,the more consumers will wish to purchase,other things equal
D)Without laws,markets would not reach equilibrium
E)Both (a)and (c)

Question

Quizplus · Accepted Answer

The Law of Demand states that as the price of a product decreases, the quantity demanded increases. This means that consumers will be more willing to purchase a product when the price is lower. This is because as prices decrease, consumers perceive the product as more affordable and valuable, leading to an increase in demand. Therefore, option C is the correct answer. Options A, B, D, and E are incorrect as they either do not relate to the Law of Demand or they provide inaccurate information.

The Law of Demand Suggests That