Answer to Question #207865 in Economics for Paballo

Question

• Which of the statements below best represents the law of demand? A. When buyers’ tastes for a good increase, they purchase more of the good.
•  B. When the price of a good decreases, buyers purchase more of the good.
•  C. When buyers’ demands for a good increase, the price of the good increases.
•  D. When income levels increase, buyers purchase more of most goods.

Answer 1

B. When the price of a good decrease, buyers purchase more of the good.