For almost all goods, the:
A. higher the price goes, the higher the quantity demanded.
B. lower the price goes, the higher demand is.
C. higher the price goes, the more luxurious it is.
D. lower the price goes, the higher the quantity demanded.
Answer: D
You might also like to view...
In the short run, a perfectly competitive firm will maximize profit by producing where: a. MC = MR
b. MC = ATC. c. ATC = MR. d. AVC = MC.
The fact that a gallon of gasoline commands a higher market price than a gallon of water indicates that
a. gasoline is an economic good but water is not. b. the marginal utility of gasoline is greater than the marginal utility of a gallon of water. c. the average utility of a gallon of gasoline is greater than the average utility of a gallon of water. d. the total utility of gasoline exceeds the total utility of water.