The law of demand is based on the observation that
A) people buy less of a product when the product becomes less fashionable.
B) people buy more of a product when the price falls.
C) people are indifferent to price changes.
D) stores go out of business if they lower prices.
Correct Answer:
Verified
Q1: Q10: The law of demand tells us that Q11: The relative price of a good is Q13: In economics, "demand" refers to Q14: The law of demand states that Q16: Suppose that the price of cornflakes is Q17: The price of a smartphone increased from Q18: According to the law of demand, other Q19: The law of demand states that Q20: The law of demand includes the statement
A)the intensity of
A) people
A) consumers
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