The law of demand states, all other things being equal,
A.that goods will be supplied to just equal consumer demand.
B.that consumer demand will determine the level of firm supply.
C.that consumers will buy more of a good if the price rises.
D.that consumers will buy more of a good if the price falls.
One of the most important building blocks of economic analysis is the concept of demand. [ When economists refer to demand, they usually have in mind not just a single quantity demanded, but a demand curve, which traces the quantity of a good or service that is demanded at successively different prices.
The most famous law in economics, and the one economists are most sure of, is the law of
demand. On this law is built almost the whole edifice of economics. The law of demand states that when the price of a good rises, the amount demanded falls, and when the price falls, the amount demanded rises.
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