The Law of Demand States That

question 280

Multiple Choice

The law of demand states that:

• A)price and quantity demanded are inversely related.
• B)the larger the number of buyers in a market, the lower will be product price.
• C)price and quantity demanded are directly related.
• D)consumers will buy more of a product at high prices than at low prices.

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Definitions:

Subjective Standard

A criterion for judgment based on personal feelings, tastes, or opinions rather than external facts.

Outward Manifestations

Actions or expressions that show an intention to make an agreement or contract, observable to others.

Parties' Intent

The actual aim or purpose that contracting parties had in mind at the time of entering into an agreement.

Invitation To Offer

An indication by a party that they are open to negotiation or receiving offers, but are not making a formal offer themselves.