Universal Needs Exist When the Tastes and Preferences of Consumers

question 91

True/False

Universal needs exist when the tastes and preferences of consumers in different nations are similar if not identical.

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Definitions:

Demand and Supply

Economic model that determines the price of a good in a market, based on the desire and availability of the good.

Law of Demand

The Law of Demand states that, all else being equal, as the price of a good increases, the demand for that good decreases, and conversely, as the price decreases, demand for the good increases.

Price Ceiling

A government-imposed limit on how high a price can be charged for a product, service, or commodity, usually intended to protect consumers from excessive costs.

Economic Effects

The consequences of a particular policy or economic event on the welfare of the economy.