The "Demand Rule" States That an Increase in the Demand

question 61

Multiple Choice

The "demand rule" states that an increase in the demand for a commodity will raise the price of the commodity.This may not be the case when the supply curve is:

• A)backward-bending.
• B)perfectly inelastic.
• C)upward-sloping.
• D)all of the above.
• E)none of the above.

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Definitions:

Witchcraft Accusations

Refers to the charges made against individuals, often women, claiming they are practicing witchcraft or sorcery, historically leading to trials and executions.

Seventeenth-Century

Refers to the time period from 1601 to 1700, often marked by significant events, cultural shifts, and historical developments in various parts of the world.

Economically Independent

Refers to the ability of an individual, organization, or nation to sustain themselves financially without external assistance.

James II

Brother to Charles II, he became the king of England, Scotland, and Ireland, remembered for his attempts to reinstate Catholicism and his subsequent ousting in the Glorious Revolution.