The "Law of Demand" Predicts That, Other Things Being Equal

question 226

Multiple Choice

The "law of demand" predicts that, other things being equal,

• A) a decrease in the price of gasoline decreases the quantity of gasoline demanded.
• B) an increase in the price of pizza decreases the quantity of pizza demanded.
• C) an increase in the price of CDs decreases the demand for CDs.
• D) an increase in the price of coffee decreases the quantity of tea demanded.

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Definitions:

Authorized Signing Officer

is an individual granted the authority by an organization to sign official documents on behalf of the company.

Supporting Documentation

Documents that provide evidence of transactions and can include receipts, invoices, contracts, and bank statements.

Control Activity

A policy or procedure that is part of the internal control framework designed to address specific risks and help ensure the achievement of an organization's objectives.

Prenumbered Documents

Documents that are sequentially numbered in advance to ensure completeness and to prevent fraud or misuse.