The law of demand states that people:

Question

Quizplus · Accepted Answer

The law of demand states that as the price of a good or service increases, the quantity demanded decreases. In other words, people are willing to buy more of a good or service at lower prices. This means that choice B, "buy larger quantities of a good at lower prices," is the correct answer. Choice A is incorrect because the law of demand is not related to quality, only price. Choice C is incorrect because it is too vague, and choice D is incorrect because it suggests that people only buy goods they "need," when in fact people may purchase goods for a variety of reasons beyond necessity.

The Law of Demand States That People