Question

The law of demand is based on an inverse relationship which means that

A. Consumers are not influenced by price .

B. The higher the price of the good or service , the more the consumer will be willing to buy .

C. The higher the price of the good or service , the less the consumer will be willing to buy.

D. The lower the price of the good or service , the less the consumer will be willing to buy .

Answer 1

The answer is C!

Correct on Edge

Answer 2

C) The higher the price of the good or service, the less the consumer will be willing to buy.

Think about it, would you want to buy something really expensive or something cheap/reasonably priced?