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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Definitions:

Disinterested Perspective

An unbiased, objective view without personal interest, prejudice, or financial stake.

Early Nineteenth Century

A period marked by significant social, political, and cultural changes in the world, roughly spanning the years from 1801 to 1830.

Hegel

A German philosopher, Georg Wilhelm Friedrich Hegel, known for his contributions to idealism and his dialectical method of thesis, antithesis, and synthesis.

Reflective

Characterized by deep thought or contemplation, often about oneself or one's experiences and actions.