According to the Law of Demand,which of the Following Is

question 62

Multiple Choice

According to the law of demand,which of the following is true?

• A)Customers are not aware of small price changes.
• B)If prices increase,customers will buy more.
• C)The effect on demand from changes in price cannot be accurately predicted.
• D)Demand equals supply.
• E)If prices decrease,customers will buy more.

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Definitions:

Performance Problems

Issues or challenges that hinder an individual's or a group's ability to achieve expected results or standards.

Rules of Thumb

Simple, heuristic principles or guidelines that provide practical advice for making quick, approximate decisions or solving problems.

Uncertainty

The condition of being unsure about something or lacking complete information or knowledge about outcomes, often leading to hesitation or caution in decision-making.

Representativeness Heuristic

A cognitive shortcut in which individuals judge the probability of an event based on how closely it resembles a typical case, often leading to biases in decision-making.