Which of the following statements about demand is FALSE?
A) Demand curves are downward sloping.
B) The demand curve for a product will shift to the left as its price rises.
C) The Law of Demand occurs because people's incomes are limited and there are substitute goods available.
D) There is an inverse relationship between the change in a product's price and the change in its quantity demanded.
Correct Answer:
Verified
Q16: If the price of a good or
Q17: Which of the following explains why consumers
Q18: A demand curve for a good or
Q19: You are given the following price-quantity information:
Q20: Because of the Law of Demand, demand
Q22: The different amounts of a product that
Q23: When constructing a supply schedule for a
Q24: A supply schedule shows:
A) that price and
Q25: The Law of Supply states that as
Q26: The Law of Supply:
A) is a result
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