The Law of Demand Indicates That

question 181

Multiple Choice

The law of demand indicates that

• A) every physical good has a use.
• B) when people want a good badly enough, they will find a way to pay for it.
• C) the desire for a good is unrelated to its price.
• D) the quantity of a good that people will buy is inversely related to the price of the good.

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Definitions:

Economic Research

The systematic study of economies or economic phenomena, utilizing theoretical models and empirical data to analyze economic behaviors and policies.

Average American Wage

The mean income received by an individual working in the United States, serving as an indicator of economic health and worker prosperity.

Backflows

The return of workers to the countries from which they originally emigrated.

Younger Workers

Refers to individuals in the workforce who are typically in the lower age range of the working population, often considered to be more recent entrants into the job market.