Which of the Following Examples Illustrates the Law of Demand

question 242

Multiple Choice

Which of the following examples illustrates the law of demand? An increase in tuition encourages more students to enroll in college because the

• A)quality of education has risen.
• B)Consumers buy more personal computers because prices have fallen.
• C)Oil companies drill for new sources of oil because oil prices are
• D)higher.Fewer people play golf because incomes are lower.

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Definitions:

Salary

The fixed regular payment, typically paid on a monthly or biweekly basis, made by an employer to an employee, especially a professional or a white-collar worker.

Dissatisfiers

Factors or elements in a job or environment that can cause dissatisfaction or discomfort if missing, but do not necessarily motivate if present.

Love Needs

Emotional requirements centered around affection, belongingness, acceptance, and intimacy, as outlined in Maslow's hierarchy of needs.

Abram Maslow

An American psychologist best known for creating Maslow's hierarchy of needs, a theory in psychology that prioritizes human needs into five levels.