The "Law of Demand" Hypothesizes That,other Things Being Equal

question 107

Multiple Choice

The "law of demand" hypothesizes that,other things being equal,

• A)the lower the price,the greater the demand.
• B)price and demand vary inversely.
• C)the higher the price,the lower the quantity demanded.
• D)the higher the income,the higher the quantity demanded.
• E)price and quantity demanded are positively related.

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Definitions:

Renewable Natural Resources

Things such as forests, water in reservoirs, and wildlife that are capable of growing back or building back up (renewing themselves) if they are harvested at moderate rates.

Property Rights

Legal rights to possess, use, and dispose of assets, including tangible and intangible property.

Open Ocean

The vast expanse of seawater that is not in close proximity to any landmass, often referred to as the high seas.

Overfishing

The depletion of fish stocks due to fishing at a rate that is unsustainable.