Multiple Choice
Which of the following is the best example of the Law of Demand?
A) When Alex received a pay hike, his consumption of all goods increased.
B) When the price of gasoline increased, the demand for cars fell.
C) When the price of Nokia phones increased, the demand for Samsung phones increased.
D) When the price of tea increased, the quantity demanded of tea decreased.
Correct Answer:
Verified
Correct Answer:
Verified
Q8: From the information provided in the following
Q9: Jack has an income of $150 per
Q10: Which of the following formulas is used
Q11: The demand for a good is relatively
Q12: The demand curves for good A and
Q14: If a consumer purchases any combination of
Q15: The following table shows the marginal benefit
Q16: The following figure displays John's budget constraint
Q17: Which of the following pairs of goods
Q18: The slope of a consumer's budget constraint