{"id":37109,"date":"2024-06-13T07:41:23","date_gmt":"2024-06-13T07:41:23","guid":{"rendered":"https:\/\/www.greatassignmenthelp.com\/questions\/?p=37109"},"modified":"2024-06-13T07:41:23","modified_gmt":"2024-06-13T07:41:23","slug":"which-is-consistent-with-the-law-of-demand","status":"publish","type":"post","link":"https:\/\/www.greatassignmenthelp.com\/questions\/which-is-consistent-with-the-law-of-demand\/","title":{"rendered":"Which is consistent with the law of demand?"},"content":{"rendered":"

Which is consistent with the law of demand?<\/p>\n

a. A decrease in the price of tacos causes no change in the quantity of tacos demanded.<\/p>\n

b. An increase in the price of pizza causes an increase in the quantity of pizza demanded.<\/p>\n

c. An increase in the price of hamburgers causes a decrease in the quantity of hamburgers.<\/p>\n

d. A decrease in the price of turkey sandwiches causes a decrease in the quantity of turkey sandwiches demanded.<\/p>\n

Answer: c. An increase in the price of hamburgers causes a decrease in the quantity of hamburgers.<\/strong><\/p>\n

The law of demand postulates that other things being equal, the quantity demanded of a commodity declines with the increase in the price of the good and increases with a decrease in the price of the good. This process stating that as the price of a commodity increases, the quantity demanded decreases and vice versa is an economic concept.<\/span><\/p>\n

Option c) is consistent with the law of demand as it posits that there will be a direct relationship between the price of hamburgers and the quantity demanded \u2013 this means that whenever the price of hamburgers rises, the amount demanded by consumers will fall, and vice versa. The other options are illegal concerning the law of demand as they allow for an increase in quantity demanded without any corresponding price change (options a,d) or allow for the same increase in quantity demanded when the price is on the rise (option b)<\/span><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Which is consistent with the law of demand? a. A decrease in the price of tacos causes no change in the quantity of tacos demanded. […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"\nWhich is consistent with the law of demand?<\/title>\n<meta name=\"description\" content=\"Which is consistent with the law of demand? a. A decrease in the price of tacos causes no change in the quantity of tacos demanded. b. 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