Is the following quote correct? "Here's the law of demand in a nutshell: The higher the price, the lower the demand."
A) Yes, it is totally correct.
B) No. It would be correct if it were to also say "other things constant."
C) No, because it confuses demand and quantity demanded.
D) No, because the law of demand does not apply to nutshells.
C
You might also like to view...
If Canada has a comparative advantage relative to Mexico in the production of timber, then
A) the opportunity cost of production for timber is lower in Canada than in Mexico. B) the explicit cost of production for timber is lower in Canada than in Mexico. C) the implicit costs of production for timber are higher in Canada than in Mexico. D) the average cost of production for timber is lower in Canada than in Mexico.
Checkable and debitable accounts in commercial banks and other financial institutions are classified as money because
A) they are not liabilities of the banks. B) they sometimes earn an interest income for the depositor. C) they are generally acceptable in the payment of debt. D) banks hold currency in their vaults equal to the value of demand deposits.
When society gets the most it can from its scarce resources, then the outcome is called
a. equitable. b. efficient. c. normal. d. efficacious.
Why does the government grant patents to companies that research new drugs?
What will be an ideal response?