Law of Demand states that as the price of a product rises demand falls quantity

Question

Law of Demand states that as the price of a product rises demand falls quantity demanded falls O demand rises O quantity demanded rises QUESTI 10 points Save Answer What would happen to the demand curve for jelly if the price of peanut butter shift to the left O nothing shift downward shift to the right QUESTI 10 points Save Answer What would happen to the demand curve for gasoline if everyone believed the price of it was going to fall in the near future? shift to the left O nothing shift upward O shift to the right QUESTI 10 points Save Answer What do all the shifters of supply have in common? O They always shift the supply curve to the right OThey all cause changes in cost of production They all cause demand to They always shift the supply curve to the left

Explanation / Answer

Ans 1)

Law of Demand states that Price rises Quantity demanded falls

Ans 2)

Demand curve would shift to the left

Ans 3)

Demand curve would shift to the right

Ans 4)

They all cause changes in cost of prduction as we have 6 shiftiers of supply in total

1) Technology ,2) other goods, 3) Number of sellers, 4) Expectations, 5) Resource costs, 6) Subsidies and taxes

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