Which of the following illustrates the law of demand?
A)More people watch college basketball in March than in November.
B)The number of long distance calls in the United States is greater on Christmas than on Valentine's Day.
C)College enrollment increases when federal tuition grants are readily available to students.
D)The prevailing wage rate in an industry determines how many people choose to work in the industry.

Question

Quizplus · Accepted Answer

The law of demand states that, all else being equal, as the price of a good or service decreases, the quantity demanded increases, and vice versa. In option C, the availability of federal tuition grants effectively lowers the cost of college, leading to an increase in college enrollment, which aligns with the law of demand.

Which of the Following Illustrates the Law of Demand