The law of demand refers to the
a. inverse relationship between the price of a good and the willingness of consumers to buy it.
b. price increase that results from an increase in demand for a good of limited supply.
c. inverse relationship between the price of a good and the quantity offered for sale.
d. increase in the quantity of a good available when its price increases.
A
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In general, one would expect that life expectancies reflect international differences in income levels. Do the data support such a claim?
A) Average life span falls as relative poverty falls. B) Average life span increases as relative poverty falls. C) There is no statistically significant relationship between the two. D) The relation is not very strong. E) The relationship looks more like a U-shape.
Marginal revenue product is obtained by multiplying the price of the product by the marginal resource cost
a. True b. False