The Law of Demand Includes the Statement "Other Things Being

question 284

Multiple Choice

The law of demand includes the statement "other things being equal." These other things include all of the following EXCEPT

• A) the price of that good in the law of demand.
• B) consumers' income.
• C) consumers' tastes and preferences.
• D) the number of potential buyers.

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Definitions:

Executive Control System

A component of the brain responsible for regulating attention, making plans, and consciously controlling thoughts and actions.

Schemas

Cognitive structures that help individuals organize and interpret information, based on accumulated knowledge and experiences.

Clustering Principle

A concept in psychology that suggests individuals tend to remember similar or related items in groups.

Long-term Memory

The aspect of memory involved in the storage and retrieval of information over an extended period.