The law of demand states that
A. there is a direct positive relationship between relative price and quantity demanded.
B. if the price of a good increases both relatively and absolutely, there will be no change in quantity demanded.
C. consumers will exhaust their incomes as they purchase goods and services at given absolute prices.
D. the quantity demanded of a good is higher at a lower relative price than at a higher relative price.
Answer: D
You might also like to view...
Average labor productivity equals:
A. average production per year. B. total output. C. output per employed worker. D. output per person.
For years Hugh R. Riskee enjoyed an 11% annual return on his S&P 500 mutual fund index. Last year he decided to sell his mutual fund, and invest it all in the Nasdaq 100 mutual fund index, in which he enjoyed a 14% annual return
What percent below represents the rate of his economic profit? A) 3% B) 11% C) 14% D) 17% E) 25%
Refer to Table 8-13. Nominal GDP for Vicuna for 2013 equals
A) $4,920. B) $5,100. C) $5,300. D) $5,850.
Decisions have history. The _________ Model shows the importance of reference groups
a. Re-invent b. Elbing c. Chain d. Central-satellite