The "Law of Diminishing Demand" Says That

question 53

Multiple Choice

The "law of diminishing demand" says that:

• A) if the price of a product is lowered, usually the same quantity will be demanded.
• B) if the price of a product is raised, a smaller quantity will be demanded.
• C) the demand for any product will tend to decline over time.
• D) the more of a product a person buys, the less utility that particular product offers him.
• E) if the price of a product is lowered, a smaller quantity will be demanded.

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