The Law of Demand is based on the concept that people ........

General Studies (CHSL) Indian Economy

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The Law of Demand is based on the concept that people .

buy more of a good as their income increases.

buy more of a good as the price of the good falls.

will spend all of their money on something.

want more of everything even if they have no money to buy anything.

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Explanation:

The law of demand states that all other things being equal, the quantity bought of a good or service is a function of price. 1? As long as nothing else changes, people will buy less of something when its price rises. They'll buy more when its price falls.