Question : The law of demand states that:
Option 1: if the price of a good increases, the demand for that good decreases
Option 2: if the price of a good increases, the demand for that good increases
Option 3: if the price of a good increases, the quantity demanded of that good decreases
Option 4: if the price of a good increases, the quantity demanded of that good increases
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Correct Answer: if the price of a good increases, the quantity demanded of that good decreases
Solution : The correct answer is if the price of a good increases, the quantity demanded of that good decreases.
According to the law of demand, there is an inverse connection between the price of an item and the amount wanted. The rule of demand is based on the assumption that customers have a limited budget and must make decisions about how to spend it. When the price of a product rises, buyers must spend more money to purchase the same amount of the product. As a result of having less money to spend on other things, customers will desire less of the item whose price has soared.
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Question : If a consumer's demand for a good moves in the same direction as the consumer's income, the consumer's demand for that good must be inversely related to the price of the good, which is called _____.
Option 1: law of demand
Option 2: law of supply
Option 3: law of substitute
Option 4: law of optimal choice
Question : Which law states that bad money drives good money out of circulation?
Option 1: Wagner's law
Option 2: Grimm's law
Option 3: Gresham's law
Option 4: Keynes' law
Question : Which law was based on notes of the music?
Option 1: Newton law
Option 2: Law of octaves
Option 3: Mendeleev law
Option 4: Modern periodic law
Question : In which of the following cases does the law of demand fail?
Option 1: Giffen goods
Option 2: Normal goods
Option 3: Inferior goods
Option 4: Both Giffen and inferior goods
Question : Which law was proposed in 1811, predicted that the same volume of gases at the same temperature and pressure would have the same number of molecules?
Option 1: Dalton’s law
Option 2: Gay-Lussac’s law
Option 3: Avogadro’s law
Option 4: Charles' law
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