5. Say’s Law _____________ because ___________. The Law of demand is _____ true because: Always holds true; As prices increase, new suppliers enter a market leading to an increase in supply and lower prices over time; almost always true; sometimes no matter what the price we will buy anyway. Always holds true; Entrepreneurs are the key to income creation and therefore the ultimate demand for all goods and services; always true; as prices change our willingness and/or ability to buy changes. Is often true; of the law of supply, which shows that as prices increase, quantity supplied will rise; is always true; demand curves can never be vertical. Is rarely true; it is consumer wants and needs the emerge in a market first, then suppliers enter to capitalize on what we want or need; valid; there is a proven inverse relationship between prices and quantity demanded. Is often, but not always true; Through the coordinated activities of government agencies, adequate supplies of food, clothing and shelter will exist; not always true; the law of supply offsets the law of demand when shortages exist.
5. Say’s Law _____________ because ___________. The Law of demand is _____ true because: Always holds true; As prices increase, new suppliers enter a market leading to an increase in supply and lower prices over time; almost always true; sometimes no matter what the price we will buy anyway. Always holds true; Entrepreneurs are the key to income creation and therefore the ultimate demand for all goods and services; always true; as prices change our willingness and/or ability to buy changes. Is often true; of the law of supply, which shows that as prices increase, quantity supplied will rise; is always true; demand curves can never be vertical. Is rarely true; it is consumer wants and needs the emerge in a market first, then suppliers enter to capitalize on what we want or need; valid; there is a proven inverse relationship between prices and quantity demanded. Is often, but not always true; Through the coordinated activities of government agencies, adequate supplies of food, clothing and shelter will exist; not always true; the law of supply offsets the law of demand when shortages exist.
Brief Principles of Macroeconomics (MindTap Course List)
8th Edition
ISBN:9781337091985
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter4: The Market Forces Of Supply And Demand
Section: Chapter Questions
Problem 11PA
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5. Say’s Law _____________ because ___________. The
- Always holds true; As prices increase, new suppliers enter a market leading to an increase in supply and lower prices over time; almost always true; sometimes no matter what the
price we will buy anyway. - Always holds true; Entrepreneurs are the key to income creation and therefore the ultimate demand for all goods and services; always true; as prices change our willingness and/or ability to buy changes.
- Is often true; of the law of supply, which shows that as prices increase, quantity supplied will rise; is always true; demand
curves can never be vertical. - Is rarely true; it is consumer wants and needs the emerge in a market first, then suppliers enter to capitalize on what we want or need; valid; there is a proven inverse relationship between prices and quantity demanded.
- Is often, but not always true; Through the coordinated activities of government agencies, adequate supplies of food, clothing and shelter will exist; not always true; the law of supply offsets the law of demand when shortages exist.
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