The law of demand shows that there is
A) an inverse relationship between price and profit.
B) an inverse relationship between price and resource cost.
C) an inverse relationship between price and quantity demanded.
D) a direct relationship between price and quantity demanded.
C
Economics
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The average price of ten commodities is $330. If an eleventh commodity whose price is $600 is included in the calculation, the new average is:
A) $330.35. B) $450.25. C) $354.54. D) $254.54.
Economics
Banks can lower the cost of information production by applying one information resource to many different services. This process is called
A) economies of scale. B) asset transformation. C) economies of scope. D) asymmetric information.
Economics