The Law of Demand Concludes That a Rise in the Price

question 191

Multiple Choice

The law of demand concludes that a rise in the price of a golf ball ________ the quantity demanded and ________.

• A) increases; shifts the demand curve for golf balls rightward
• B) decreases; shifts the demand curve for golf balls leftward
• C) decreases; creates a movement up along the demand curve for golf balls
• D) increases; creates a movement down along the demand curve for golf balls

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Definitions:

Coconuts

Often used in economic models and examples, referring to a simplistic commodity to illustrate principles of trade, investment, or resource allocation.

Equilibrium

A condition or state in which economic forces such as supply and demand are balanced, resulting in a stable market.

Coconuts

A large tropical fruit with a hard shell, edible white flesh, and clear liquid, often used in food and drink preparations.

Tax Imposed

An obligatory financial charge or other type of levy imposed upon a taxpayer by a governmental organization in order to fund government spending and various public expenditures.