The Law of Demand Asserts That

question 110

Multiple Choice

The law of demand asserts that:

• A)​output prices are more important than input prices.
• B)​when people want a good badly enough they will find a way to pay for it.
• C)​people want to buy more of goods that are priced very high because of their prestige.
• D)​the quantity of a good that people will buy is inversely related to the product's price.

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Definitions:

Price Decreases

A reduction in the cost at which goods or services are sold to consumers or businesses.

Consumers

Individuals or organizations that purchase or use goods and services for personal use or consumption.

Pricing Decisions

The process of setting the price for a product or service, influenced by costs, competition, market demand, and perceived value.

Create Value

The process of enhancing a product or service's worth by improving its appeal to customers, thereby increasing its market value or consumer demand.