Suppose Lorna Will Buy More Sweaters If the Price of Sweaters

question 73

Multiple Choice

Suppose Lorna will buy more sweaters if the price of sweaters rises.She is violating the

• A)law of supply
• B)law of increasing costs
• C)law of large numbers
• D)law of diminishing costs
• E)law of demand

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Definitions:

Normative Principle

A standard or rule that guides ethical or moral behavior, prescribing how individuals ought to act in given situations.

Electronic Commerce Transactions

Refers to the buying and selling of goods and services, or the transmitting of funds or data, over an electronic network, primarily the internet.

EU

The European Union, a political and economic union of 27 member states that are located primarily in Europe.