The Law of Demand Shows That

question 118

Multiple Choice

The law of demand shows that:

• A) there is an inverse relationship between price and quantity demanded.
• B) the demand curve is positively sloped.
• C) when the price of a good increases, the quantity demanded increases.
• D) the supply curve is vertical.
• E) individual demand is the same as market demand.

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Definitions:

Observing Others' Behavior

The process of watching the actions and reactions of individuals or groups in order to learn and understand social norms, skills, or information.

Punishment

An action that is taken to reduce the likelihood of a behavior recurring by applying an adverse stimulus or removing a positive stimulus following the behavior.

Reinforcement

In psychology, a process by which a stimulus or event strengthens or increases the probability of a response or behavior it follows.

Observational Learning

Learning that occurs through observing the behavior and outcomes of others' actions rather than through direct experience.