Author Question: The law of demand is based on the observation that A) people buy less of a product when the ... (Read 38 times)

nmorano1 · **on:** Jun 29, 2018

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.

Question 2

Microeconomics is defined as that part of economic analysis that

A) studies the behavior of the economy as a whole.
B) includes the problems of inflation and unemployment.
C) studies individual decision making by households and firms.
D) concerns aggregate production and consumption.