The ʺLaw of Demandʺ States That, Other Thing Remaining the Same

question 253

Multiple Choice

The ʺlaw of demandʺ states that, other thing remaining the same, the higher

• A) the price of a good, the smaller is the quantity demanded.
• B) consumersʹ incomes, the greater is the demand.
• C) the price of a good, the lower is the demand for this good.
• D) the price of a good, the higher is the quantity demanded.

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Definitions:

Summer to Fall

The transitional period from the warm summer months to the cooler autumn season, often marked by changes in weather, fashion, and consumer behavior.

Substitute Good

A product or service that can be used in place of another to satisfy similar needs or demands.

Increase in Income

An upward movement in an individual's or a nation's earnings, due to factors like higher wages, investment returns, or business profits.

Decrease in Quantity

A reduction in the amount of a good or service produced or consumed.