Asked by
Alexandra Gonzalez
on Dec 08, 2024
Verified
The "law of demand" implies that
A) as prices fall, demand increases.
B) as prices rise, demand increases.
C) as prices fall, quantity demanded increases.
D) as prices rise, quantity demanded increases.
Law Of Demand
The negative relationship between price and quantity demanded: Ceteris paribus, as price rises, quantity demanded decreases; as price falls, quantity demanded increases.
Prices Fall
A scenario in which the market prices of goods or services decrease, often due to increased supply or reduced demand.
- Understand fundamental principles of consumer behavior and market demand, such as the law of demand and differentiating among various categories of goods.
- Comprehend how alterations in income and prices influence the market's demand and supply dynamics.
Verified Answer
AZ
Learning Objectives
- Understand fundamental principles of consumer behavior and market demand, such as the law of demand and differentiating among various categories of goods.
- Comprehend how alterations in income and prices influence the market's demand and supply dynamics.