Which Statement Is a CORRECT Description of the Law of Demand

question 21

Multiple Choice

Which statement is a CORRECT description of the law of demand?

• A) As prices of a good rise, the quantity supplied of that good rises.
• B) As prices of a good fall, the quantity demanded of that good rises.
• C) As prices of a good rise, the demand curve shifts to the left.
• D) There is a positive relationship between the price of a good and the quantity demanded.

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Definitions:

Abstract Level

A term related to the level of generality or conceptualization of a topic or idea, often requiring thinking beyond the concrete and specific details to understand broader principles.

Propositions

Are ideas that result from finding the relationship between concepts.

Patterns

Are collections of related percepts.

Concrete Level

Refers to tasks, ideas, or projects that are specific, definite, and detail-oriented, as opposed to abstract concepts.