According to the law of demand, ceteris paribus,
A. The responsiveness of consumer demand to a change in the price of a good is measured by the price elasticity of demand.
B. A consumer will purchase more of a good at higher prices than at lower prices.
C. The quantity demanded increases at lower prices.
D. Price and quantity supplied are directly related.
Answer: C
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Joe pays $8,000.00 in tuition. The 8,000 dollar tuition Joe pays is an example of what economists call
A) a relative price. B) a money price. C) an indexed price. D) an opportunity price.
In the above figure, the line represented by the "4" is the
A) average fixed cost. B) marginal revenue. C) average total cost. D) marginal cost.
The assessed value of a home is
A. the value that the jurisdiction uses to assign taxes. B. an annual 6% increase in the value of a home. C. the annual rate of deprecation of a home because of use. D. always lower than its market value.
If two countries adhere to a gold standard, the exchange rate for their currencies is fixed
Indicate whether the statement is true or false