What Does the Law of Demand State? I

question 33

Multiple Choice

What does the law of demand state? I. There is a negative relationship between price and quantity demanded. II. There is an inverse relationship between price and quantity that buyers are willing and able to purchase. III. There is an inverse relationship between price and demand.

• A) I and II only
• B) II and III only
• C) I and III only
• D) I, II, and III

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Definitions:

Limestone

A sedimentary rock composed mainly of calcium carbonate, typically formed from the skeletal fragments of marine organisms.

Shales

Fine-grained sedimentary rocks that can split into thin, parallel layers, composed mainly of clay minerals.

Siltstones

Fine-grained sedimentary rocks that consist predominantly of silt particles, smaller than sand grains but larger than clay, often formed in quiet water environments.

Lime Muds

Fine-grained sediments composed largely of calcium carbonate, typically formed in marine environments where organisms such as coral or foraminifera are prevalent.