Answered: in decamber,the price of christmas…

in decamber,the price of christmas trees rises and the quantity of trees sold also rises.is this a violatin of the law of demand

Micro Economics For Today

10th Edition

ISBN:9781337613064

Author:Tucker, Irvin B.

Publisher:Tucker, Irvin B.

Chapter3: Market Demand And Supply

Section: Chapter Questions

Problem 1SQP

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Question

in decamber,the price of christmas trees rises and the quantity of trees sold also rises.is this a violatin of the law of demand

Definition Definition Economic principle that states that as the price of a good or service increases, the quantity demanded by consumers decreases, while a decrease in price leads to an increase in quantity demanded, assuming all other factors affecting the demand remaining constant.

Expert Solution

Step 1

Demand:

It is the willingness to buy goods and services at the market price. However, the demand for a commodity depends on its price. For instance, a consumer demand more of a commodity at a lower rate.

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