Which of the following is true for the law of demand?
a. Sellers increase the quantity of a good available as the price of the good increases.
b. An increase in price results from false needs.
c. There is an inverse relationship between the price of a good and the quantity of the good demanded.
d. Prices increase as more units of a product are demanded.
c
You might also like to view...
If the marginal social benefit exceeds the marginal social cost of producing the next kilowatt hour of electricity, then it is efficient to produce as many kilowatt hours as possible
Indicate whether the statement is true or false
According to your textbook discussion, what best explains the decline in the importance and use of flint?
a. the decline in tobacco consumption b. the adoption of new technologies c. the discovery of new copper resources d. the widespread use of matches e. the discovery of abundant oil resources
If one person’s use of a good does not diminish another’s ability to use it, the good is _
a. excludable b. nonexcludable c. rival d. nonrival
A firm will choose to shut down rather than operate as long as
A. price is greater than or equal to AFC. B. AVC is greater than AFC. C. MC is greater than AVC. D. price is less than AVC.