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Which statement illustrates the law of demand? a
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.
Expert Solution
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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