Which of the Following Statements About Demand Is True

question 140

Multiple Choice

Which of the following statements about demand is true?

• A)Since most college students want a Mercedes sports coupe, their demand for it is high.
• B)If price increases, the demand curve shifts to the right.
• C)The demand curve for bacon will not shift when the price of bacon changes.
• D)If a supply curve shifts, thereby changing the price, the demand curve will shift as well.
• E)If a demand curve shifts, the supply curve will shift as well, whether or not the price changes.

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Definitions:

Age Of Majority

The legally recognized age at which an individual is considered an adult and capable of making decisions and entering into contracts without parental consent.

Reasonable Period

Refers to a time frame that is considered fair and appropriate under the circumstances to perform a certain task or fulfill an obligation.

Disaffirm Contracts

The legal ability of one party, often a minor or someone not fully competent, to declare a contract void and release themselves from any contractual obligations.

Necessaries

Goods or services that are essential for maintaining a person's health, education, comfort, or welfare.