Asked by
Yousef Ibrahim
on Dec 08, 2024
Verified
According to the law of demand, as prices rise, ceteris paribus
A) demand increases.
B) demand decreases.
C) quantity demanded decreases.
D) quantity demanded increases.
Ceteris Paribus
A Latin phrase meaning "all other things being equal," used in economics to isolate the effect of one variable change in a model.
Demand Decreases
A situation where the quantity of a good or service desired by consumers lessens.
- Gain an understanding of the elementary ideas governing supply and demand.
- Identify the impact of price changes on quantity demanded and supplied.
Verified Answer
VG
Learning Objectives
- Gain an understanding of the elementary ideas governing supply and demand.
- Identify the impact of price changes on quantity demanded and supplied.