According to the law of demand, other things being equal
A) when the price a good goes up, then people buy more of that good.
B) when the price a good goes down, then people buy more of that good.
C) when people's income goes down, then they buy less of a good.
D) when people's income goes up, then they buy less of a good.
Answer: B
Economics
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In the United States, income is more equally distributed than measured wealth
Indicate whether the statement is true or false
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If your income goes up by 2% and, in response, the quantity demanded of good x rises by 3%, good x can be considered
a. An inferior good b. A normal good c. A public good d. A private good
Economics