The law of demand states that
a. there is a positive relationship between price and quantity demanded
b. price is the only factor that influences the quantity that people are willing and able to buy
c. price and quantity demanded are inversely related
d. the demand curve shifts whenever the price of a good changes
e. by producing a product, firms create a demand for it
C
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In the panel regression analysis of beer taxes on traffic deaths, the estimation period is 1982-1988 for the 48 contiguous U.S. states
To test for the significance of entity fixed effects, you should calculate the F-statistic and compare it to the critical value from your Fq,? distribution, where q equals A) 48. B) 54. C) 7. D) 47.
Which of the following best approximates a pure monopoly?
A. The foreign exchange market. B. The Kansas City wheat market. C. The only bank in a small town. D. The soft drink market.