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

question 365

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

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Definitions:

Hypothetical Thought

Reasoning that includes propositions and possibilities that may not reflect reality.

Analytic Thought

Thought that results from analysis, such as a systematic ranking of pros and cons, risks and consequences, possibilities and facts. Analytic thought depends on logic and rationality.

Intuitive Thought

Thought that arises from an emotion or a hunch beyond rational explanation, and is influenced by past experiences and cultural assumptions.

Egocentrism

Piaget’s term for children’s tendency to think about the world entirely from their own personal perspective.