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What is a basic principle of the law of demand?



A

The higher the price, the more people will want the good.


B

Everyone has a limited income that they will spend.


C

When a good's price is lower, people will buy more of it.


D

Services are of interest in the same way that goods are

Verified Answer :

Tabbey

Answer: C: When a good's price is lower, people will buy more of it.

A basic principle of the law of demand is that when a good's price is lower, people will buy more of it.

Explanation:

The law of demand states that all things being equal, the higher the price, the lower the quantity demanded and vice versa (the lower the price, the higher the quantity demanded ). Price and quantity demand of any good and service are inversely related to one other. When the price of a good increases, the demand for the same good will fall.

Demand refers to the quantity of goods and services which a consumer is willing and able to buy at a given price.

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