Question

Which statement best summarizes the law of demand ?

A. Sellers only supply goods that are in high demand from buyers.
B. Buyers are more likely to buy a products that is supplied in large quantities.
C. Sellers can easily substitute a product in high demand with another product.
S. Buyers are more interested in purchasing products as those products decline in price.

Thank you :)

Answer 1

The law of demand indicates that buyers are more likely to purchase more of a product when its price declines, with the quantity demanded inversely related to the product's price.

Step-by-step explanation:

The law of demand is a fundamental principle in economics that describes the relationship between the price of a good and the quantity demanded by consumers. The best statement to summarize the law of demand is: S. Buyers are more interested in purchasing products as those products decline in price. This principle asserts that, ceteris paribus (all other factors being equal), as the price of a good increases, the quantity of the good demanded will decrease. Conversely, as the price of a good decreases, the quantity demanded will increase. This occurs because a higher price generally means a higher opportunity cost for buyers, leading them to purchase less or substitute the product with a cheaper alternative.