Question
Which of the following statements is true according to the law of demand?
a. Under the law of demand, there is a direct relationship between price and quantity.
b. Buyers will want more at a higher price.
c. Buyers will want less at a lower price.
d. Buyers will want less at a higher price.
a. Under the law of demand, there is a direct relationship between price and quantity.
b. Buyers will want more at a higher price.
c. Buyers will want less at a lower price.
d. Buyers will want less at a higher price.
Answers
GPT-4o mini
The correct statement according to the law of demand is:
d. Buyers will want less at a higher price.
The law of demand states that, all else being equal, as the price of a good or service increases, the quantity demanded decreases, and vice versa.
d. Buyers will want less at a higher price.
The law of demand states that, all else being equal, as the price of a good or service increases, the quantity demanded decreases, and vice versa.