The Law of Demand

question 75

Multiple Choice

The law of demand

• A) is only an assumption that cannot be tested.
• B) only applies to necessities, not luxuries.
• C) is consistent with human behavior in the world.
• D) does not apply to scarce goods.

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Definitions:

Equilibrium

Equilibrium refers to a state of balance between opposing forces or actions, such as in chemical reactions reaching a state where forward and backward reaction rates are equal.

Oxygen Concentration

The amount of oxygen present in a given environment or substance, typically measured in percentages or parts per million (ppm).

Active Animal

Refers to animals that display high levels of movement or physical activity, often in search of food, mates, or as a means of avoiding predators.

Lungs

Pair of respiratory organs in the chest of vertebrates that facilitate gas exchange between the atmosphere and the blood.