Which of the following best describes the law of demand?
Choose 1 answer:
(A) When price decreases, the quantity demanded increases.
(B) People demand the same amount of a good no matter its price.
(c) Legal authorities regulate prices.

D Sellers set the price that demanders pay.
(E) Demand decreases for a normal good when incomes increase.

Question

Which of the following best describes the law of demand?
Choose 1 answer:
(A) When price decreases, the quantity demanded increases.
(B) People demand the same amount of a good no matter its price.
(c) Legal authorities regulate prices.

D Sellers set the price that demanders pay.
(E) Demand decreases for a normal good when incomes increase.

Accepted Answer

∻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∻ ⚹ (A) When price decreases, the quantity demanded increases. ⚹ ∻Key Concept∻ ⚹ Law of Demand ⚹ ∻Explanation∻ ⚹ The law of demand describes the inverse relationship between price and 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 understanding consumer behavior in microeconomics. ⚹◊What factors can cause a shift in the demand curve according to the law of demand in microeconomics⍭ Generate me a similar question◊

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