Which of these statements best represents the law of demand? when buyers' tastes for a good increase, they purchase more of the good. when income levels increase, buyers purchase more of most goods. when the price of a good decreases, buyers purchase more of the good. when buyers' demands for a good increase, the price of the good increases?

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Business

Rosa Elliott

11 September, 10:56

Which of these statements best represents the law of demand? when buyers' tastes for a good increase, they purchase more of the good. when income levels increase, buyers purchase more of most goods. when the price of a good decreases, buyers purchase more of the good. when buyers' demands for a good increase, the price of the good increases?

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Edwin Brock · Answer 1

when the price of a good decreases, buyers purchase more of the good

The microeconomic law called the law of demand is about the concept that considering that all other aspects are equal, when prices of services or goods increase, consumers’ demand for such services or goods decrease. In the same way, as the price of services or goods decrease, consumers buy more of such goods and services.