Question

Which best explains how the law of demand affects consumers?

A) It helps consumers know when prices are going down.
B) It helps consumers know when prices are going up.
C) It helps consumers tell producers when prices are too high.
D) It helps consumers tell producers when to make new goods.

Answer 1

Hey mate, here is your answer =
Law of demand helps the consumers know when prices are going up.
Hope it helps u dear

Answer 2

The law of demand affects consumers as it helps consumers know when prices are going up.

EXPLANATION:

Being one of the "basic principles of Economics", law of demand clearly states that when price of good is high, then the consumers will demand only less quantity of that particular good.

Changes in price markedly affect the demand curve of a product or a service; more the price, less the demand; and less the price, more is the demand.

Apart from the price, the demand factor is influenced by purchasing power of the buyer, price of the related goods and services, basic needs and interests of the consumers.