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Author Question: According to the law of demand, when will higher corn prices reduce the quantity demanded of corn? ... (Read 157 times)

Chloeellawright

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on: Jun 30, 2018
According to the law of demand, when will higher corn prices reduce the quantity demanded of corn?
 a. Always.
  b. When the supply of corn is fixed.
  c. When nonprice determinants, like income and the number of buyers, are unchanged.
  d. When there are no shortages or surpluses of corn.

Question 2

The law of demand states that, ceteris paribus, price and quantity demanded are:
 a. directly related. b. inversely related.
  c. uniformly related. d. horizontally related.


chinwesucks

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Reply #1 on: Jun 30, 2018
Answer to Question 1

c

Answer to Question 2

b


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