Which of the following best expresses the law of demand?
a. An increase in price results from an increase in demand for a good of limited supply.
b. The increase in the quantity of a good available when its price increases.
c. A decrease in price can be expected as more units of a product are demanded.
d. The inverse relationship between the price of a good and the quantity demanded.
d. The inverse relationship between the price of a good and the quantity demanded.
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An example of a government policy to provide a framework within which the private sector can operate productively is:
A. government ownership of capital. B. the suppression of political dissent. C. the taxation of savings. D. establishing well-defined property rights.
If the consumption of a good by one person reduces its consumption by others, then the good is
A. nonrivalrous in consumption. B. rivalrous in consumption. C. nonexcludable. D. excludable. E. b and d
How does the equilibrium quantity traded change when there is an increase in supply and a decrease in demand?
Economic problems are made manageable by stripping away some of the unnecessary details.
Answer the following statement true (T) or false (F)