The Law of Demand Implies That

question 251

Multiple Choice

The law of demand implies that:

• A)consumers are not responsive to price changes.
• B)consumers will buy more at lower prices.
• C)sellers will offer more on the market at higher prices.
• D)sellers will offer less on the market at lower prices.

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Definitions:

Differentia

The characteristic or set of characteristics that distinguishes one thing or category from another within a broader classification.

Genus

A term in taxonomy and logic referring to a class or group that shares common characteristics, serving as a means of categorizing entities.

Essential Attributes

Fundamental qualities or characteristics that define the nature of something, without which it would not be what it is.

Genus

A category that encompasses a collection of entities with shared traits, frequently employed in the taxonomy of biology to indicate a level higher than species but lower than family.