Microeconomics includes the study of:

Which of the following best represents the law of demand?

A) As the price of a good decreases, the demand for the good increases. B) As the price of a good increases, the quantity demanded of that good decreases. C) As the demand for a good increases, the price of that good increases. D) As the price of a good decreases, the demand curve for that good shifts to the right.

The demand function for tickets to Ireland is expressed as Qd = 1600 - 0.005P + 2PEngland + 3rain + 2Y, where P is the price for tickets to Ireland, PEngland is the price of tickets to England, rain is the inches of rain Ireland receives annually, and Y is annual household income. Assuming PEngland is $1000, rain is 30 inches per year, and income is 40,000, how much would the price of tickets to

Ireland have to fall for consumers to be willing to buy one more trip per year? A) $15 B) $20 C) $50 D) $200