Asked by Jordan Strickland on Apr 24, 2024
Verified
The law of demand is true for most goods in the economy.
Law of Demand
An economic principle stating that as the price of a good or service increases, the demand for it decreases, and vice versa, all else being equal.
- Comprehend the rule of demand and how it influences market behaviors.
Verified Answer
AK
ABANI KUMAR MISHRA6 days ago
Final Answer :
True
Explanation :
The law of demand states that, all else being equal, as the price of a good increases, the quantity demanded of that good decreases, and vice versa. This principle generally holds true across most goods in the economy, reflecting consumer behavior in response to price changes.
Learning Objectives
- Comprehend the rule of demand and how it influences market behaviors.