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
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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