Question: The tendency for quantity demanded to be higher when the price is lower is known as the law of: Group of answer choices increasing returns.

The tendency for quantity demanded to be higher when the price is lower is known as the law of: Group of answer choices increasing returns. unintended consequences. supply. demand

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Economics Questions!

Question 11 Use the following to answer questions 11. Exhibit: Demand and Price Elasticity PriceQuantity demanded per period $2.500 2.2525 2.0050 1.7575 1.50100 1.25125 1.00150 0.75175 0.50200...

HI PLEASE ANSWER ALL 1. Assume the market for apples is initially in equilibrium. Which of the following will result in a higher equilibrium price of apples? a. An increase in both the demand for and...

If quantity demanded is completely unresponsive to changes in the price of good X, then demand for good X is Group of answer choices inelastic. unit elastic. elastic. perfectly elastic. perfectly...

Question 1 A person has a comparative advantage in the production of a good when they can produce the product at a(n) ________ opportunity cost compared to another person. Group of answer choices...

6 | Consumer Choices Figure 6.1 Investment Choices Higher education is generally viewed as a good investment, if one can afford it, regardless of the state of the economy. (Credit: modification of...

1 Assuming that Pepsi-Cola and Coca-Cola are substitutes, a decrease in the price of Pepsi-Cola and an increase in government regulations will cause what to happen to price and quantity in the...

Files 12:56 PM Mon May 16 25% Unit+2+workbook Q . . . Home Insert Draw Layout Review View Calibri Bold (Body) 36 B I U aAv A v Unit 2-Supply and Demand Name: HR: LAW OF SUPPLY Use the space below to...

= 2.3 Factors Affecting Demand and Supply Questions Question 1/10 What are goods that can be used in place of another good? Choose an answer Hint Complementary goods Substitute goods Normal goods...

Learning Objectives 3-1 By the end of this section, you will be able to: Explain demand, quantity demanded, and the law of demand Identify a demand curve and a supply curve Explain supply, quantity...

Question 1 (Multiple Choice Worth 1 points) (01.01 MC) Why might salt be a resource with a high cost in one market and a very low cost in another market? Trade could affect costs. Its supply could be...

In your future endeavors, how do you think you might find yourself applying statistical concepts Under what conditions might you find yourself creating an Excel pie chart, running a correlation, or...

A student has 3 math books, 4 history books, 2 chemistry books, and 1 Latin book. He wants to arrange them on a bookshelf. a. If all the books have different titles, in how many distinct ways can he...

How does employment in the three sectors of the economy change as an economy develops?

1) After six months of negotiations, you have arranged to connect your company's sales forecast data with your raw material supplier's ordering system. This will result in your supplier sending the...

Multiple Choice: Using Income Data Select the correct answer for each of the following: 1. An income statement provides information on: a. Cash receipts and disbursements for the period. b. The...

Accounting Classifications Janet Gomez is attempting to evaluate the desirability of investing some of her savings in Stanway Enterprises. Stanway Enterprises is a regional food wholesaler and has...

Income Statement Strain Manufacturing produces specialized exercise equipment for professional athletes. At the end of 2000, the head of marketing for Strain was given a printout with the following...