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Week 5-Final Exam Questions
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A demand curve is defined as the relationship between

    a. the price of a good and the quantity of that good that consumers are willing to buy

    b. the price of a good and the quantity of that good that producers are willing to sell

    c. the income of consumers and the quantity of a good that consumers are willing to buy

    d. the income of consumers and the quantity of a good that producers are willing to sell

 

7.  The law of demand states that quantity demanded of a product increases as

    a. consumer income rises

    b. the prices of other products fall

    c. the price of the product rises

    d. the price of the product falls

 

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