People generally purchase less of a commodity as its price increases. This implies that the relationship between quantity purchased and the price of the commodity must have a

a. slope always equal to one.
b. positive slope.
c. zero slope.
d. negative slope.

d

Economics

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For an individual who consumes only two goods, X and Y, the opportunity cost of consuming one unit of X in terms of how much Y must be given up is reflected in

a. the individual's marginal rate of substitution. b. the slope of the individual's budget constraint. c. the slope of the individual's indifference curve. d. None of the above.

Economics

In the simple circular flow model, if planned I exceeds planned S, then

a. the economy is not at equilibrium. b. the size of the circular flow is increasing. c. if the economy is at full employment, then prices will rise. d. All of these.

Economics