The Law of One Price

question 72

Multiple Choice

The law of one price

• A)states that consumers can only buy one good or service at a time.
• B)is a law passed by Congress that prohibits firms from selling a product at two different prices in the same market at the same time.
• C)states that consumers will pay any price for a product that has a perfectly inelastic demand curve.
• D)states that identical products should sell for the same price everywhere.

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Definitions:

Peripheral

Relating to or situated on the edge or periphery of something; in medical terms, it often refers to the outer regions of the body, such as the limbs.

Autonomic

Relating to the autonomic nervous system, which controls involuntary bodily functions such as heart rate, digestion, and respiratory rate.

Vertigo

A sensation of spinning or dizziness, often related to problems in the inner ear.

Syncope

A temporary loss of consciousness usually related to insufficient blood flow to the brain, commonly known as fainting.