The Law of Demand Implies That, Other Things Remaining the Same

question 37

Multiple Choice

The law of demand implies that, other things remaining the same,

• A)as the price of a cheeseburger rises, the quantity of cheeseburgers demanded decreases.
• B)as the price of a cheeseburger rises, the quantity of cheeseburgers demanded increases.
• C)as income increases, the quantity of cheeseburgers demanded increases.
• D)as more people demand cheeseburgers, the quantity demanded increases.
• E)as the demand for cheeseburgers increases, the price of a cheeseburger falls.

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Definitions:

Doodads

A nonspecific term often used to refer to small, miscellaneous items or gadgets.

Producer Surplus

The difference between the amount a producer is willing to accept for a good versus what they actually receive, often due to market prices.

Government Imposes

Actions taken by the government to regulate, tax, or otherwise exert authority over individuals and organizations, typically with the aim of affecting economic outcomes.

Tax

A compulsory economic imposition or another variety of levy tasked to a taxpayer by a governmental structure to provision government financial obligations and various public welfare expenses.