the law of demand includes the statement “other things being equal”. these other

Question

the law of demand includes the statement “other things being equal”. these other things include all of the following except A) the price of that good in the law of demand B) consumers’ income C) consumers’ tastes and preferences D) the number of potential buyers the law of demand includes the statement “other things being equal”. these other things include all of the following except A) the price of that good in the law of demand B) consumers’ income C) consumers’ tastes and preferences D) the number of potential buyers A) the price of that good in the law of demand B) consumers’ income C) consumers’ tastes and preferences D) the number of potential buyers

Explanation / Answer

Option A

While the law of demand assumes other factors unchanged, the own price of good is the key factor that is allowed to change and in that sense, other factors are called nonprice factors.

Related Questions

Navigate

• Browse (All)
• Browse T
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.