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12 October, 22:51

Which statement illustrates the law of demand?

A) Lindsay offers to buy more sticks of chewing gum at $2 than at $1.

B) Marcus offers to sell more sticks of chewing gum at $2 than at $1.

C) Lindsay offers to buy more sticks of chewing gum at $1 than at $2.

D) Marcus offers to sell more sticks of chewing gum at $1 than at $2.

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Answers (1)
  1. 12 October, 23:43
    0
    Option (c) is correct.

    Explanation:

    Law of demand states that the price of the commodity and the quantity demanded of that commodity are negatively related to each other. This means that as the price of the commodity falls then as a result the quantity demanded for that commodity increases.

    Therefore, the consumer will buy more sticks when the price of sticks falls from $2 to $1.
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