According to the Law of Demand, What Happens as the Price

question 117

Multiple Choice

According to the law of demand, what happens as the price of a good increases?

• A) More of it is produced.
• B) Buyers desire to purchase less of it.
• C) More of it is desired.
• D) Suppliers wish to sell less of it.

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Definitions:

Dependency Theory

A theory that suggests developing nations remain impoverished and dependent due to the exploitation and influence of developed nations.

World Stratification

This term describes the hierarchical layering of countries, often based on economic status, such as developed, developing, and underdeveloped, highlighting global inequalities.

Economic Development

The process of improving the economic well-being and quality of life for a community or country by increasing income, reducing poverty, and managing sustainable growth.

Fertility Rates

The average number of children that would be born to a woman over her lifetime, given current birth rates.