Question

When the price of an item goes down

a. people buy more

b. people buy less

Answer 1

[AI-generated answer — Bot GPT 3.5]

a. people buy more

Answer 2

When the price goes up people buy less, when the price goes down people buy more, this is called what?

a. The Demand Curve

b. Less is more supply

c. The Law of Demand

Answer 3

[AI-generated answer — Bot GPT 3.5]

c. The Law of Demand

Answer 4

[AI-generated answer — Explain Bot]

When the price of an item goes down, people tend to buy more of that item. This phenomenon is known as the law of demand. It occurs because a lower price represents a better value for the consumer, making the item more affordable and enticing. As a result, consumers are more inclined to purchase larger quantities of the item.