Question

the law of demand implies that: consumers are not responsive to price changes. consumers will, all other things unchanged, buy more at lower prices. sellers will, all other things unchanged, offer more on the market at higher prices. sellers will, all other things unchanged, offer less on the market at lower prices.

Answer 1

The law of demand implies that consumers will, all other things unchanged, buy more at lower prices.

One of the most fundamental ideas in economics is the law of demand. The law of demand explains how market economies distribute resources and set the prices of goods and services that we see in daily transactions by combining the law of supply. According to the law of demand, the quantity bought varies inversely with the price. In other words, the quantity demanded decreases as the price increases. Because of declining marginal utility, this happens. In other words, consumers utilise the initial units of an economic good they buy to fulfil their most pressing requirements first, and they use the subsequent units to fulfil progressively lower-valued goals.

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