The law of demand concludes that a rise in the price of a golf ball ________ the quantity demanded and ________.
A) increases; shifts the demand curve for golf balls rightward
B) decreases; shifts the demand curve for golf balls leftward
C) decreases; creates a movement up along the demand curve for golf balls
D) increases; creates a movement down along the demand curve for golf balls
Question 2
When a good suddenly becomes more scarce in a free market, caused by a significant increase in consumer demand, then
A) it is a clear sign that households have become more greedy.
B) the price will tend to rise rapidly in light of the greater scarcity.
C) suppliers will gain in the exchange and buyers will lose.
D) the law of demand will be contradicted because people will be buying more, not less, at a higher price.
E) all of the above are true.
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