Which of the following statements is true of the law of demand?
a. All else equal, the quantity demanded of a good is inversely related to its price.
b. All else equal, the demand for a good is inversely related to its price
c. All else equal, the quantity demanded of a good is directly related to its price.
d. All else equal, the demand for a good is directly related to its price.
a
Economics
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Which set of prices would you expect to see (posted, quoted) in a barter economy?
A) 1 horse = 10 pieces of gold; 1 kettle = 1 piece of gold B) 1 horse = 10 kettles; 1 kettle = 1/10 horse C) 1 horse = $200; 1 kettle = $20 D) 1 horse = 10 kettles; 1 kettle = 10 apples; 1 apple = 1 orange E) b and d
Economics
For most items, we find the price elasticity of supply will be
A) negative. B) positive. C) zero. D) infinity.
Economics