The Law of One Price

question 72

Multiple Choice

The law of one price

• A)states that consumers can only buy one good or service at a time.
• B)is a law passed by Congress that prohibits firms from selling a product at two different prices in the same market at the same time.
• C)states that consumers will pay any price for a product that has a perfectly inelastic demand curve.
• D)states that identical products should sell for the same price everywhere.

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Definitions:

Psychodynamic

Pertaining to the psychological theory or approach that emphasizes the dynamic interplay of unconscious and conscious forces in shaping personality and behavior.

Behaviour

The actions or reactions of an organism or system, usually in response to its environment or stimuli.

Behaviour Therapies

Therapeutic methods aimed at altering undesirable behaviors through conditioning techniques.

Effectiveness

The degree to which something is successful in producing a desired result.