The "Law of Demand" Refers to the Fact That, All

question 44

Multiple Choice

The "law of demand" refers to the fact that, all other things remaining the same, when the price of a good rises

• A) there is a movement up along the demand curve to a smaller quantity demanded.
• B) the demand curve shifts rightward.
• C) the demand curve shifts leftward.
• D) there is a movement down along the demand curve to a larger quantity demanded.

---

Definitions:

Lead Time

The duration between the initiation and completion of a process, like the time from placing an order to its delivery.

Review Interval

The predetermined period between assessments or analyses of processes, systems, or inventory levels.

Safety Inventory

Buffer stock maintained to guard against unforeseen spikes in demand or delays in supply, ensuring consistent service levels.

Aggregation

The process of combining multiple pieces of data or information to create a summary or composite view.