ECONOMICS
CONSUMERS
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
Fewer people will buy shoes.
|
|
|
Everyone will stop buying shoes.
|
|
|
More people will buy shoes.
|
|
|
Only children will buy shoes.
|
Detailed explanation-1: -If the price decreases, quantity demanded increases. This is the Law of Demand. On a graph, an inverse relationship is represented by a downward sloping line from left to right.
Detailed explanation-2: -When a buyer buys more of a product at a lower price and less of a product at a higher price the law of demand is being followed.
Detailed explanation-3: -What is likely to happen if the price of a new pair of sneakers went up? Merchants would begin offering sales on the sneakers. Q. What factor is most likely to cause an increase in demand for anew type of automobile?
Detailed explanation-4: -If the price of a good falls, the quantity demanded of that good increases. The relationship between the quantity demanded and the price of a good when all other influences on buying plans remain the same. Demand is a list of quantities at different prices and is illustrated by the demand curve.