question 7 (1 point)\nas understood in economics, the law of demand:\nrefers to the principle that people…

question 7 (1 point)\nas understood in economics, the law of demand:\nrefers to the principle that people prefer to purchase more goods when the price falls, and purchase fewer goods when the price rises.\nis a law embedded in the constitution and therefore applicable in all 50 states.\nonly applies to people raised in capitalist countries. people raised in other cultures do no \obey\ the law of demand.\nrefers to the principle that people prefer to purchase fewer goods when the price falls, and purchase more goods when the price rises.

question 7 (1 point)\nas understood in economics, the law of demand:\nrefers to the principle that people prefer to purchase more goods when the price falls, and purchase fewer goods when the price rises.\nis a law embedded in the constitution and therefore applicable in all 50 states.\nonly applies to people raised in capitalist countries. people raised in other cultures do no \obey\ the law of demand.\nrefers to the principle that people prefer to purchase fewer goods when the price falls, and purchase more goods when the price rises.

Answer

Brief Explanation:

The Law of Demand in economics states that, ceteris paribus, as the price of a good or service falls, the quantity demanded by consumers increases, and as the price rises, the quantity demanded decreases. It is a fundamental economic principle, not a constitutional - law and is a general economic behavior observed across different cultures.

Answer:

refers to the principle that people prefer to purchase more goods when the price falls, and purchase fewer goods when the price rises.