Author Question: The law of demand concludes that a rise in the price of a golf ball ________ the quantity demanded ... (Read 67 times)

kodithompson

  • Hero Member
  • *****
  • Posts: 566
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.



Chocorrol77

  • Sr. Member
  • ****
  • Posts: 313
Answer to Question 1

C

Answer to Question 2

B



Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
 

Did you know?

The most destructive flu epidemic of all times in recorded history occurred in 1918, with approximately 20 million deaths worldwide.

Did you know?

According to the American College of Allergy, Asthma & Immunology, more than 50 million Americans have some kind of food allergy. Food allergies affect between 4 and 6% of children, and 4% of adults, according to the CDC. The most common food allergies include shellfish, peanuts, walnuts, fish, eggs, milk, and soy.

Did you know?

In ancient Rome, many of the richer people in the population had lead-induced gout. The reason for this is unclear. Lead poisoning has also been linked to madness.

Did you know?

Though “Krazy Glue” or “Super Glue” has the ability to seal small wounds, it is not recommended for this purpose since it contains many substances that should not enter the body through the skin, and may be harmful.

Did you know?

Blood in the urine can be a sign of a kidney stone, glomerulonephritis, or other kidney problems.

For a complete list of videos, visit our video library