Asked by Gabriella Gonzales on Apr 25, 2024
Which statement illustrates the law of demand?
A) An increase in tuition encourages more students to enroll in college because the quality of education has risen.
B) Consumers buy more personal computers because prices have fallen.
C) Oil companies drill for new sources because prices are higher.
D) Fewer people play golf because incomes are lower.
Demand Curve
A graph showing the quantity of a good that consumers are willing and able to purchase at various prices.
Quantity Demanded
The total amount of a good or service that consumers are willing and able to purchase at a specific price.
- Gain an insight into the principle of demand and the impact of pricing on the demand quantity.
Learning Objectives
- Gain an insight into the principle of demand and the impact of pricing on the demand quantity.