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) market equilibrium.
D) ceteris paribus.
Answer: B
Economics
You might also like to view...
Why don't people take into consideration the external costs of their actions and reduce the amount of externalities?
What will be an ideal response?
Economics
The value of a basket of goods and services was $1,500 in 2010 and $1,800 in 2012 . If 2010 was the base year, the price index for the year 2012 was _____
a. 110 b. 200 c. 120 d. 100
Economics