The Law of Demand Refers to the

question 368

Multiple Choice

The law of demand refers to the

• A) decrease in price that can be expected as more units of a product are demanded.
• B) increase in price that results from an increase in demand for a good of limited supply.
• C) inverse relationship between the price of a good and the quantity demanded.
• D) increase in the quantity of a good available when its price increases.

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Definitions:

Consistent Personality

A stable set of characteristics and behaviors that are predictable and reliable over time.

Virtual Organization

An organization that uses technology to allow individuals to collaborate and work together across distance and time zones.

Internal Talent Pool

A database or inventory of current employees who have the potential to fill future vacancies within an organization, facilitating internal recruitment.

External Partners

Organizations or individuals outside of one's own organization with whom one collaborates or engages in business activities.