ECONOMICS
DEMAND
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
You get a raise at work. What would happen to the demand for going out to eat?
|
|
Increase
|
|
|
Decrease
|
|
|
Stay the same
|
|
|
None of the above
|
Explanation:
Detailed explanation-1: -Economists call this the Law of Demand. If the price goes up, the quantity demanded goes down (but demand itself stays the same). If the price decreases, quantity demanded increases. This is the Law of Demand.
Detailed explanation-2: -If the wage rate increases, employers will want to hire fewer employees. The quantity of labor demanded will decrease, and there will be a movement upward along the demand curve.
There is 1 question to complete.