Which of these statements best represents the law of demand?

Question

Quizplus · Accepted Answer

The law of demand states that when the price of a good decreases, buyers will purchase more of the good. This inverse relationship between price and quantity demanded is a fundamental part of microeconomics. Option A describes an increase in demand due to changes in preferences, which is different from the law of demand. Option B is generally false as an increase in population does not necessarily lead to an increase in demand for all goods. Option D is also incorrect as changes in preferences may or may not lead to changes in demand.

Which of These Statements Best Represents the Law of Demand