The law of demand
A) was passed by the 102nd U.S. Congress.
B) is a natural law, much like the law of gravity.
C) is considered a "law" in economics because of the overwhelming empirical evidence that supports its logic.
D) is considered a "law" in economics in order to force economic models to operate fully.
C
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The nominal interest rate plus the inflation rate equals the real interest rate
Indicate whether the statement is true or false
In perfect competition, when market demand increases, explain how the price of the good and the output and profit of each firm changes in the short run
What will be an ideal response?
In the knowledge economy
A) the supply chain has been decomposed. B) property rights have been altered. C) increasing returns may occur more often. D) all of these choices.
Which of the following industries relies heavily on peak/off-peak pricing?
A. Auto manufacturing B. Computer software C. Airlines D. Book publishing