객관식
Which of the following factors can both increase and decrease demand depending on whether the good is normal or inferior?
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3. The Market Forces of Supply and Demand
The Demand Curve
객관식
Why do economists refer to the 'law of demand' when describing the relationship between price and quantity demanded?
A
Because it is a legal requirement for firms to follow when setting prices.
B
Because it only applies to luxury goods and not to necessities.
C
Because it describes a consistent and predictable relationship observed in real-world markets.
D
Because it is a mathematical formula that determines market equilibrium.
검증된 단계별 안내1
Understand that the 'law of demand' is a fundamental principle in microeconomics describing how consumers behave in response to price changes.
Recognize that the law states: as the price of a good increases, the quantity demanded decreases, and vice versa, holding other factors constant.
Note that this relationship is observed consistently across many markets and goods, making it a reliable behavioral pattern rather than a legal rule or a formula.
Distinguish the law of demand from legal requirements or mathematical formulas; it is an empirical observation about consumer behavior, not a regulation or an equation.
Conclude that economists refer to the 'law of demand' because it captures a predictable and consistent relationship between price and quantity demanded seen in real-world markets.
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