Final answer:
The explanations of the Law of Demand include the income effect, substitution effect, and diminishing marginal utility, but not the expectations effect, which instead can cause entire demand curves to shift.
Step-by-step explanation:
The Law of Demand states that consumers will purchase more of a good at lower prices and less at higher prices, assuming all other factors remain equal. The options listed, such as the income effect, the substitution effect, and diminishing marginal utility, are explanations of the Law of Demand.
The income effect occurs when the purchasing power of a consumer increases as the price of a good decreases, allowing them to buy more of it. The substitution effect occurs when a consumer chooses a cheaper alternative over a more expensive one.
Diminishing marginal utility suggests that as a consumer consumes more of a good, the satisfaction from each additional unit decreases, which influences demand. However, expectations effect is not an explanation of the Law of Demand. Changes in expectations about future prices or other demand-affecting factors actually cause shifts in the entire demand curve, rather than movement along the demand curve.