The Demand Curve for Apples Slopes Downward

question 120

Multiple Choice

The demand curve for apples slopes downward

• A) because supply and demand are equal in equilibrium
• B) since producers supply more when consumers demand more
• C) because people are assumed to be basically greedy
• D) because the law of demand holds in the market for apples
• E) because apples are preferred to all other goods

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Definitions:

Functional

Working or operating in a way that fulfills the purpose or task for which something was designed.

Upper Class

A social group at the top of a socioeconomic hierarchy, usually possessing significant wealth, power, and influence.

Capitalist Economy

An economic system in which private individuals rather than the state own and control property and businesses, and the production of goods and services is based on supply and demand in the market.

Accumulated Wealth

The total assets amassed by an individual, family, or institution over time, including money, investments, real estate, and valuable possessions.