The Law of Demand Includes the Statement "Other Things Being

question 284

Multiple Choice

The law of demand includes the statement "other things being equal." These other things include all of the following EXCEPT

• A) the price of that good in the law of demand.
• B) consumers' income.
• C) consumers' tastes and preferences.
• D) the number of potential buyers.

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Definitions:

Republican Governor

A governor who is a member of the Republican Party, one of the two major political parties in the United States, traditionally emphasizing limited government and free-market principles.

Economic Crisis

A situation where a country's economy experiences a sudden downturn characterized by financial instability, high unemployment rates, and decreasing GDP.

John Maynard Keynes

A British economist whose theories on government intervention in the economy and demand-side economics profoundly impacted economic policies in the mid-20th century.

Economic Depressions

Extended periods of significant decline in economic activity across the economy, marked by high unemployment, low manufacturing output, and reduced trade and commerce.