Micro Economics For Today
Micro Economics For Today
10th Edition
ISBN: 9781337613064
Author: Tucker, Irvin B.
Publisher: Cengage,
Question
Chapter 3, Problem 1SQP
To determine

Explain that the given statement violates the law of demand.

Expert Solution & Answer
Check Mark

Explanation of Solution

If people buy a good with higher price, they demand higher quality for that good. Generally, as per the law of demand, when price of a good increases, it decreases the quantity demanded of that good. Under this case, it violates the law of demand. Here, the quality and other non-price factors such as taste and preference are the determinants of demand for goods.

Economics Concept Introduction

Demand: Demand refers to the total value of goods and services that are demanded at a particular price in a given period of time.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!
Knowledge Booster
Recommended textbooks for you
  • Micro Economics For Today
    Economics
    ISBN:9781337613064
    Author:Tucker, Irvin B.
    Publisher:Cengage,
    MACROECONOMICS FOR TODAY
    Economics
    ISBN:9781337613057
    Author:Tucker
    Publisher:CENGAGE L
    Survey Of Economics
    Economics
    ISBN:9781337111522
    Author:Tucker, Irvin B.
    Publisher:Cengage,
  • Economics For Today
    Economics
    ISBN:9781337613040
    Author:Tucker
    Publisher:Cengage Learning
    Managerial Economics: A Problem Solving Approach
    Economics
    ISBN:9781337106665
    Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
    Publisher:Cengage Learning
    Microeconomics
    Economics
    ISBN:9781337617406
    Author:Roger A. Arnold
    Publisher:Cengage Learning
  • Micro Economics For Today
    Economics
    ISBN:9781337613064
    Author:Tucker, Irvin B.
    Publisher:Cengage,
    MACROECONOMICS FOR TODAY
    Economics
    ISBN:9781337613057
    Author:Tucker
    Publisher:CENGAGE L
    Survey Of Economics
    Economics
    ISBN:9781337111522
    Author:Tucker, Irvin B.
    Publisher:Cengage,
    Economics For Today
    Economics
    ISBN:9781337613040
    Author:Tucker
    Publisher:Cengage Learning
    Managerial Economics: A Problem Solving Approach
    Economics
    ISBN:9781337106665
    Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
    Publisher:Cengage Learning
    Microeconomics
    Economics
    ISBN:9781337617406
    Author:Roger A. Arnold
    Publisher:Cengage Learning