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.
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
(b) There are no exceptions to the law of demand.
(c) When the
(d) Demand is a relative term
(e) Price is the sole determinant of demand.
(f) Demand curve can never have an upward slope.
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