The fact that when the price of a good goes down, people buy more of it is called
A) the law of supply.
B) the law of demand.
C) market equilibrium.
D) ceteris paribus.

Question

Quizplus · Accepted Answer

The law of demand states that when the price of a good goes down, the demand for it increases. This principle is based on the idea that consumers will look to purchase more of a good as it becomes cheaper, which in turn drives up the quantity demanded.

The Fact That When the Price of a Good Goes