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Economics
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The law of demand states that other things equal when the price of a good

a)rises, the quantity demanded of the good rises

b)rises, the demand falls

c)falls, the quantity demanded of the good rises

d)falls, the demand rises

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Vaishali Yadav
Vaishali YadavLv10
4 Sep 2020

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Related questions

1. In each case below, what is the value of the price elasticity of demand? Is demand perfectly inelastic, inelastic, unit elastic, elastic or perfectly elastic?

a. Price falls by 10%, quantity demanded rises by 8%

b. Price rises by 3%, quantity demanded falls by 3%

c. Price rises by 1%, quantity demanded falls by 5%

d. Price rises by 5%, quantity demanded collapses to zero

e. Price falls by 2%, quantity demanded does not change

All other things equal, when the price of a good falls, the

a. the demand for the good falls

b. the demand for the good rises

c. the supply for the good rises

d. None of the above

 

In which of the following statements are the terms "demand" and "quantity demanded" used correctly?

a. when the price of ice cream rises, the quantity demanded of ice cream falls and the demand for ice cream topping falls.

b. when the price of ice cream rises, the demand for ice cream falls and the quantity demanded of ice cream topping falls.

c. when the price of ice cream rises, the demand for ice cream and ice cream topping falls.

d. none of the choices are correct.

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