The behavior of buyers, or consumers, in a market is most closely represented by:

Group of answer choices

Market

Law of Supply

Law of Demand

Competition

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Law of Demand

Explanation:

The law of demand states that with all other factors remaining constant, the price and the quantity demanded for a good are inversely related. Law of demand is important in the sense that not only it shows the different amounts of quantity demanded at different prices, it lays down ground for further understanding.

The quantity demanded (qD) is a function of five factors: price, income of the buyer, the price of related goods, the tastes of the consumer, and any expectation the consumer has of future supply, prices, etc. As these factors change, so too does the quantity demanded.

The law of demand states that quantity purchased varies inversely with price ... That is, consumers use the first units of an economic good they purchase to serve their most urgent needs first, and use each additional unit of the good to serve successively lower valued ends.