Is the following quote correct? "Here's the law of demand in a nutshell: The higher the price, the lower the demand."
A) Yes, it is totally correct.
B) No. It would be correct if it were to also say "other things constant."
C) No, because it confuses demand and quantity demanded.
D) No, because the law of demand does not apply to nutshells.
C
Economics
You might also like to view...
Since the Social Security system began in the 1930s, the number of workers per retiree
A) has stayed roughly the same. B) has declined. C) has risen. D) declined through 1960 and has risen ever since.
Economics
A decrease in ________ can put your job at risk if aggregate expenditures fall
A) consumer confidence B) the length of a business cycle C) the natural rate of unemployment D) the inflation rate
Economics