The Law of Demand states that:
A) the demand for a commodity is mostly influenced by consumers' income.
B) the quantity demanded of a commodity is the same for all consumers in a perfectly competitive market.
C) the quantity demanded of a commodity varies inversely with the price of the commodity.
D) the demand for a commodity always equals the supply of the commodity.
C
You might also like to view...
In the aggregate expenditures model, if aggregate expenditures (AE) are less than GDP, then:
a. inventory is depleted. b. inventory is accumulated. c. inventory is unchanged. d. employment increases.
Suppose there is a simultaneous increase in demand and increase in supply. Given this information, we know with certainty that
A) both the equilibrium price and the equilibrium quantity will increase. B) the equilibrium price will increase, and the equilibrium quantity will increase. C) the equilibrium quantity will increase. D) the equilibrium price will increase.