According to the law of demand, other things being equal
A)when the price a good goes up, then people buy more of that good.
B)when the price a good goes up, then people buy less of that good.
C)when people's income goes up, then they buy more of a good.
D)when people's income goes up, then they buy less of a good.

Question

Quizplus · Accepted Answer

The law of demand states that when the price of a good increases, ceteris paribus (assuming all other influencing factors are constant), the quantity demanded of that good decreases. Therefore, when the price of a good goes up, people will buy less of that good.

According to the Law of Demand, Other Things Being Equal