The law of demand includes the statement "other things being equal." These other things include all of the following EXCEPT
A) the price of the good itself.
B) the price of related goods.
C) incomes.
D) tastes.

Question

Quizplus · Accepted Answer

The law of demand states that the quantity demanded of a good decreases as its price increases, other things being equal. The "other things" that are held constant include the price of related goods, incomes, and tastes. Therefore, the only option that is not included in the list of "other things" is the price of the good itself (Option A).

The Law of Demand Includes the Statement "Other Things Being