"Other Things Equal, When the Price of a Good Rises

question 130

Multiple Choice

"Other things equal, when the price of a good rises, the quantity demanded of the good falls, and when the price falls, the quantity demanded rises." This relationship between price and quantity demanded is referred to as

• A) equilibrium.
• B) the law of demand.
• C) the relationship between supply and demand.
• D) the definition of an inferior good.

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