Which of the following best describes the law of demand?
Choose 1 answer:
A) Legal authorities regulate prices.
(B) People demand the same amount of a good no matter its price.
(c) Sellers set the price that demanders pay.
(D) Demand decreases for a normal good when incomes increase.
(E) When price decreases, the quantity demanded increases.

Question

Accepted Answer

Sure, let's address the question about the law of demand from the image you uploaded. ∻Solution∻ ‖ a ⋮ Law of Demand: The law of demand states that, all else being equal, as the price of a good decreases, the quantity demanded of that good increases. ‖ ∻Answer∻ ⚹ E) When price decreases, the quantity demanded increases. ⚹ ∻Key Concept∻ ⚹ Law of Demand ⚹ ∻Explanation∻ ⚹ The law of demand describes the inverse relationship between the price of a good and the quantity demanded. When the price of a good falls, consumers are willing to purchase more of it, and when the price rises, they purchase less. This principle is fundamental in microeconomics and helps explain consumer behavior in response to price changes. ⚹◊What factors influence the demand for a good according to the law of demand in Microeconomics?⍭ Generate me a similar question◊

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