According to the law of demand, ceteris paribus, when the price of roses goes up, what happens to the quantity demanded for roses?
A) Because roses are a favorite flower, more roses are bought.
B) Because the price has increased, fewer roses are demanded.
C) Because it is Mother's Day, more roses are bought.
D) Because the price has increased, florists do not stock as many roses.

Question

Quizplus · Accepted Answer

The law of demand states that, all else being equal (ceteris paribus), as the price of a good increases, the quantity demanded of that good decreases. Therefore, if the price of roses goes up, fewer roses are demanded.

According to the Law of Demand, Ceteris Paribus, When the Price