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Question : The law of demand is based on:

Option 1: Manufacturer's preference

Option 2: Seller's preference

Option 3: Supplier's preference

Option 4: Consumer's preference


Team Careers360 22nd Jan, 2024
Answer (1)
Team Careers360 24th Jan, 2024

Correct Answer: Consumer's preference


Solution : The correct answer is Consumer's preference.

The law of demand is a fundamental principle of economics that states that at a higher price, consumers will demand a lower quantity of goods, specifically how consumers make choices regarding the quantity of goods and services they are willing to purchase at different price levels. The law of demand states that, all else being equal, as the price of a good or service decreases, the quantity demanded for that good or service increases, and vice versa.

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