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Homework answers / question archive / Which statement illustrates the law of demand? a

Which statement illustrates the law of demand? a

Economics

Which statement illustrates the law of demand?

a. Marcus offers to sell more sticks of chewing gum at $1 than at $2.

b. Lindsay offers to buy more sticks of chewing gum at $1 than at $2.

c. Lindsay offers to buy more sticks of chewing gum at $2 than at $1.

d. Marcus offers to sell more sticks of chewing gum at $2 than at $1.

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The correct option is b. Lindsay offers to buy more sticks of chewing gum at $1 than at $2.

Lindsay, being the consumer or the buyer is willing to buy more sticks of chewing gum at $1 price level and she is less willing to buy if the price is $2. Applying the law of demand, quantity demanded and the price has an inverse relationship because it affects the consumers' point of view to buy goods and/or services.

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