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Microeconomics

13th Edition
Roger A. Arnold
ISBN: 9781337617406

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Microeconomics

13th Edition
Roger A. Arnold
ISBN: 9781337617406
Textbook Problem

“The price of T-shirts keeps rising and rising, and people keep buying more and more. T-shirts must have an upward-sloping demand curve.” Identify the error.

To determine

Identify the error.

Explanation

 “The price of T-shirts keeps rising and rising and people keep buying more and more. T-shirts must have an upward-sloping demand curve.” This statement contains an error. It is explained with the help of a figure below.

Figure 1 shows the demand curve of the T-shirt:

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