The Law of Demand Implies That If Nothing Else Changes

question 238

Multiple Choice

The law of demand implies that if nothing else changes, there is

• A) a negative relationship between the price of a good and the quantity demanded.
• B) a positive relationship between the price of a good and the quantity demanded.
• C) an exponential relationship between price of a good and the quantity demanded.
• D) a linear relationship between price of a good and the quantity demanded.

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Definitions:

Prisoner's Dilemma

A paradox in decision analysis in which two individuals acting in their own self-interest do not produce the optimal outcome.

Ingroup Bias

The tendency to favor members of one's own group over those from external groups.

Trust

The firm belief in the reliability, truth, ability, or strength of someone or something.

Cooperation

Working together toward a common goal or benefit.