The fact that when the price of a good goes down, people buy more of it is called
A. the law of supply.
B. the law of demand.
C. ceteris paribus.
D. market equilibrium.
Answer: B
Economics
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General Electric (GE) produces wind turbines that generate wind power. Over the past 10 years, the advances in technology used to produce wind turbines has resulted in
A) a movement up along the supply curve for wind-generated power. B) a rightward shift in the supply curve for wind-generated power. C) a decrease in the supply of wind-generated power. D) GE increasing the quantity supplied of wind turbines.
Economics
In the graph below, the price of capital is $500 per unit. Between 30,000 and 50,000 units of output, how much does each additional unit of output add to long-run total cost?
A. $300 B. $1.50 C. $2.45 D. $30,000 E. none of the above
Economics