The prices of the Ralph Lauren Polo line of clothing are considerably higher than comparable quality lines. Yet, it sells more than a J.C. Penney brand line of clothing. Does this violate the law of demand? Please explain.
The prices of the Ralph Lauren Polo line of clothing are considerably higher than comparable quality lines. Yet, it sells more than a J.C. Penney brand line of clothing. Does this violate the law of demand? Please explain.
Economics (MindTap Course List)
13th Edition
ISBN:9781337617383
Author:Roger A. Arnold
Publisher:Roger A. Arnold
Chapter3: Supply And Demand: Theory
Section3.3: The Market: Putting Supply And Demand Together
Problem 2ST
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prices of the Ralph Lauren Polo line of clothing are considerably higher than comparable quality lines. Yet, it sells more than a J.C. Penney brand line of clothing. Does this violate thelaw of demand ? Please explain.
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