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In Social Studies / College | 2025-07-03

Which statement best summarizes the law of demand?
A. Sellers can easily substitute a product in high demand with another product.
B. Buyers are more likely to buy a product that is supplied in large quantities.
C. Buyers are more interested in purchasing products as those products decline in price.
D. Sellers only supply goods that are in high demand from buyers.

Asked by hannahaddair1307

Answer (2)

The law of demand states that buyers are more inclined to purchase products as their prices decline. This reflects the essential principle that lower prices lead to higher demand. Therefore, option C best summarizes the law of demand. ;

Answered by GinnyAnswer | 2025-07-03

The law of demand indicates that as the price of a product decreases, the quantity demanded by buyers increases. Therefore, the statement that best summarizes this principle is option C: "Buyers are more interested in purchasing products as those products decline in price." This highlights the inverse relationship between price and demand.
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Answered by Anonymous | 2025-07-04