Which of the following statements correctly defines the law of demand?
a. The lower the price of a commodity, the lower the quantity demanded of that commodity.
b. As the price of a commodity increases, the quantity demanded of that commodity also increases.
c. The lower the price of a commodity, the greater the quantity demanded of that commodity.
d. The lower the price of a commodity, the greater the quantity supplied of that commodity.
e. The quantity demanded of a particular good decreases with an increase in the price of a substitute good.
c
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In order for a firm to be able to price discriminate it must not be a price taker, there must be different demand from different groups of consumers, and there must be an ability to prevent resale
a. True b. False Indicate whether the statement is true or false
The market structure that consists of many firms, each selling a slightly differentiated product, is called: a. perfect competition
b. a monopoly. c. monopolistic competition. d. an oligopoly.