The law of demand states that, ceteris paribus: a) As the price of a good rises, the quantity demanded decreases b) As the price of a good rises, the quantity demanded increases c) As the price of a good falls, the quantity supplied increases d) As the price of a good falls, the demand curve shifts to the left
The law of demand states that, ceteris paribus: a) As the price of a good rises, the quantity demanded decreases b) As the price of a good rises, the quantity demanded increases c) As the price of a good falls, the quantity supplied increases d) As the price of a good falls, the demand curve shifts to the left
Chapter4: Demand, Supply, And Market Equilibrium
Section: Chapter Questions
Problem 8P
Question
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![The law of demand states that, ceteris paribus:
a) As the price of a good rises, the quantity demanded decreases
b) As the price of a good rises, the quantity demanded increases
c) As the price of a good falls, the quantity supplied increases
d) As the price of a good falls, the demand curve shifts to the left](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F2eb334d1-eea1-4da7-9551-e02858c96b00%2Fa9e2ad88-2488-476a-bb58-12ebc98e106b%2Ffq6xfs_processed.jpeg&w=3840&q=75)
Transcribed Image Text:The law of demand states that, ceteris paribus:
a) As the price of a good rises, the quantity demanded decreases
b) As the price of a good rises, the quantity demanded increases
c) As the price of a good falls, the quantity supplied increases
d) As the price of a good falls, the demand curve shifts to the left
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