Question

The law of demand states that:

a. price and quantity demanded are inversely related.
b. the larger the number of buyers in a market, the lower the product will be.
c. price and quantity demanded are directly related.
d. consumers will buy more of a product at high prices than at low prices.

Answer 1

According to the law of demand, there is an inverse relationship between price and quantity demanded. The correct option is a, stating that price and quantity demanded are inversely related.

Step-by-step explanation:

The law of demand states that there is an inverse relationship between price and quantity demanded. When price goes up, the quantity demanded goes down, and conversely, when price goes down, the quantity demanded increases, assuming all other factors remain constant. This principle is foundational in the field of economics, explaining consumers' purchasing decisions and the allocation of resources. Looking at the options provided, the correct answer is: a. price and quantity demanded are inversely related.

Answer 2

d. consumers will buy more of a product at high prices than at low prices.