Which of the Following Is Consistent with the Law of Demand

question 95

Multiple Choice

Which of the following is consistent with the law of demand?

• A) People substitute higher-priced goods for higher-quality goods.
• B) People substitute some higher-priced goods for other higher-priced goods.
• C) People substitute lower-priced goods for higher-priced goods.
• D) People substitute some lower-priced goods for other lower-priced goods.

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Definitions:

General Duty

An obligation or requirement that one must adhere to in a specific role or context, often implying a standard level of care or responsibility.

Causation

The relationship between an action and its effect, where the action is considered to be a contributing factor to the outcome or injury.

Negligence

The failure to exercise the standard of care that a reasonably prudent person would have exercised in a similar situation, leading to harm or damage.

Res Ipsa Loquitur

A legal principle that infers negligence from the very nature of an accident or injury, in the absence of direct evidence on how any defendant behaved.