The law of demand states that:
A) price and quantity demanded are inversely related.
B) the larger the number of buyers in a market, the lower will be product price.
C) price and quantity demanded are directly related.
D) consumers will buy more of a product at high prices than at low prices.
Correct Answer:
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Q2: An increase in the price of a
Q33: When the price of a product falls,
Q34: The demand curve shows the relationship between:
A)money
Q35: Economists use the term "demand" as:
A)a particular
Q36: As a result of a decrease in
Q38: The income and substitution effects account for:
A)the
Q39: When the price of a product rises,
Q40: The horizontal axis of a graph which
Q41: By an "increase in demand" we mean:
A)that
Q42: When economists say that the demand for
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