Which of the Following Statements Is False

question 153

Multiple Choice

Which of the following statements is false?

• A) An upward-sloping supply curve graphically represents the law of supply.
• B) A vertical supply curve graphically represents the law of supply.
• C) If income rises and good X is a normal good,then the demand for good X will rise.
• D) If income falls and good Y is an inferior good,then the demand for good Y will rise.

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Definitions:

United States

A country located in North America consisting of 50 states, a federal district, and various territories, known for its diverse geography and economy.

Trade

The action of buying, selling, or exchanging goods and services between people, businesses, countries, etc., often for money.

Resource Scarcity

The limited availability of natural resources, leading to constraints on production, consumption, and the ability to meet human needs and desires.

Opportunity Costs

The loss incurred by dismissing the subsequent preferable option in the course of decision-making or selecting one possibility over another.