Do you agree with the following statements? Give reasons. (a) There are some exceptions to the law of demand. (b) There are no exceptions to the law of demand. (c) When the price of petrol rises, the demand for cars decreases. (d) Demand is a relative term (e) Price is the sole determinant of demand. (f) Demand curve can never have an upward slope.

Do you agree with the following statements? Give reasons. (a) There are some exceptions to the law of demand. (b) There are no exceptions to the law of demand. (c) When the price of petrol rises, the demand for cars decreases. (d) Demand is a relative term (e) Price is the sole determinant of demand. (f) Demand curve can never have an upward slope.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Do you agree with the following statements? Give reasons.

(a) There are some exceptions to the law of demand.
(b) There are no exceptions to the law of demand.
(c) When the price of petrol rises, the demand for cars decreases.

(d) Demand is a relative term
(e) Price is the sole determinant of demand.

(f) Demand curve can never have an upward slope.

Defintion Defintion Curve that represents the graphical relationship between the total supply of goods and services and the price level in the economy. When the price level increases, producers tend to supply more of a product in the market to earn a higher revenue or vice versa.

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