Demand Curves Slope ________ Because as the Price Increases and Other

question 233

Multiple Choice

Demand curves slope ________ because as the price increases and other things remain the same,the quantity demanded ________.

• A) downward; decreases
• B) downward; increases
• C) upward; decreases
• D) upward; increases
• E) downward; does not change

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Definitions:

Producers

Entities or individuals that create goods or provide services for sale in the market.

Factor of Production

Refers to the resources used in the creation of goods and services, which typically include land, labor, capital, and entrepreneurship.

Inelastic Demand

A market condition where the demand for a good or service is relatively unresponsive to changes in its price.

Substitute Resources

Alternative resources that can be used in place of another to satisfy consumer demand or production needs, often affecting market competition and prices.