The figure given below represents the PPC in two nations - Germany and Korea, producing only two goods, cars and food.Figure 2.4
-Which of the following statements correctly defines the law of demand?
A) The lower the price of a commodity, the lower the quantity demanded of that commodity.
B) As the price of a commodity increases, the quantity demanded of that commodity also increases.
C) The lower the price of a commodity, the greater the quantity demanded of that commodity.
D) The lower the price of a commodity, the greater the quantity supplied of that commodity.
E) The quantity demanded of a particular good decreases with an increase in the price of a substitute good.
Correct Answer:
Verified
Q2: The figure given below represents the PPC
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