Author Question: The law of demand states that a. there is a positive relationship between price and quantity ... (Read 59 times)

torybrooks · **on:** Jul 1, 2018

The law of demand states that
a. there is a positive relationship between price and quantity demanded
b. price is the only factor that influences the quantity that people are willing and able to buy
c. price and quantity demanded are inversely related
d. the demand curve shifts whenever the price of a good changes
e. by producing a product, firms create a demand for it

Question 2

The law of demand says that the lower the price of a good, other things constant,
a. the smaller the demand for that good
b. the larger the demand for that good
c. the smaller the quantity demanded of that good
d. the larger the quantity demanded of that good
e. the smaller the real income of consumers and the lower the quantity demanded of that good