The Statement "Other Things Being Equal" in the Law of Demand

question 57

Multiple Choice

The statement "other things being equal" in the law of demand means all of the following remain constant EXCEPT

• A) consumer income.
• B) the price of the good concerned in the law of demand.
• C) the prices of substitutes.
• D) tastes and preferences.

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Definitions:

Insured

For life insurance, the person whose life is being insured; for other types of insurance, the person who receives the benefit of the insurance.

Semiannual Premiums

Insurance payments made twice a year as part of an insurance policy's terms.

Life Policy

An insurance contract that pays a beneficiary upon the death of the insured, or after a certain period.

Quarterly Premiums

Payments made every three months for insurance policies or other agreements requiring regular fees.