jamesspp1738 jamesspp1738

16-07-2024
Social Studies

Answered

Which economics concept states that price and quantity of demand have an inverse relationship?

A. Law of Supply
B. Law of Microeconomics
C. Law of Demand
D. Law of Macroeconomics

Answer :

GinnyAnswer GinnyAnswer

16-07-2024

Final answer:

The law of demand in economics explains the inverse relationship between price and quantity demanded.

Explanation:

The law of demand states that quantity and price are negatively related. If the price of a product increases, the quantity demanded decreases, and vice versa. This relationship is due to diminishing marginal utility and varying consumer valuations.

Learn more about Law of Demand here:

https://brainly.com/question/32463907

Answer Link

Other Questions

If the marginal propensity to consume (MPC) is 0.2, what is the denominator of the multiplier formula equal to?Use the information below to answer the question.

Calculate the density of helium.A weather balloon is inflated to a volume of [tex]$2.2 \times 10^3 \, \text{L}$[/tex] with 374 g of helium. What is the density

19. What type of balance do asset accounts have?A. Contra B. Credit C. Debit D. None of the above 20. The account which increases equity is known as:A. Debi

Determine whether the number is rational or irrational.[tex] \sqrt{484} [/tex]The number is [tex]$\square$[/tex] because it [tex]$\square$[/tex] be expressed as

Adrian solved the equation [tex]$x^2 + 9 = 16$[/tex] using the following steps. Review his work carefully, and then follow the instructions.Line 1: [tex]$x^2 +

What are the first five terms of the recursive sequence?[tex]\[ a_n = 3a_{n-1} - 6 \text{ where } a_1 = 7 \][/tex]

If your desk is 36 inches, how many feet is it

In Exercises 23 and 24, use the two-way table that shows the results of a blood test used to detect a certain disease for a sample of patients.\begin{tabular}{l

What ruler deported many of Jerusalem's Jewish population to Babylon, in what's known as the Babylonian Captivity?A. Alexander the GreatB. Nebuchadnezzar IIC. C

Internet piracy refers to the use of devious means to gain access to otherwise restricted content. Which word best describes the meaning of the word devious? I