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Sublight2097 Sublight2097
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8 years ago
According to the law of demand, the higher the price, the lower the quantity demanded. But, five years ago the Dropouts used to sell only 50 tickets for their shows at $5 each. Today they sell 5000 tickets at $20 each. Does the change described above contradict the law of demand?
A) Yes, because the price has fallen and the quantity demanded has fallen.
B) Yes, because the price has risen and the quantity demanded has risen.
C) No, because the supply has risen.
D) No, because other things weren't constant.
Textbook 
The Economic Way of Thinking

The Economic Way of Thinking


Edition: 13th
Authors:
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SmooothSmoooth
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8 years ago
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Sublight2097 Author
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#2
8 years ago
Seriously, you've been tremendously helpful! Thank you.
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#3
8 years ago
You're welcome Happy Dummy
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