Question

Which one of the following best describes the law of demand? Group of answer choices As insurance premium keep increasing over long-period of time, the number of cars sold decreases. As price of avocados increases, fewer avocados are sold in the market, ceteris paribus. As price of avocados increases, demand for avocados in the market decreases, ceteris paribus.

          Which one of the following best describes the law of demand?
Group of answer choices
As insurance premium keep increasing over long-period of time, the number of cars sold decreases.
As price of avocados increases, fewer avocados are sold in the market, ceteris paribus.
As price of avocados increases, demand for avocados in the market decreases, ceteris paribus.
        
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Principles of Economics
Principles of Economics
Gregory Mankiw 8th Edition
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Which one of the following best describes the law of demand? Group of answer choices As insurance premium keep increasing over long-period of time, the number of cars sold decreases. As price of avocados increases, fewer avocados are sold in the market, ceteris paribus. As price of avocados increases, demand for avocados in the market decreases, ceteris paribus.
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Transcript

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00:01 So remember the law of demand.
00:02 The way i think of this says, it says that demand curves slope down.
00:10 That's what the law of demand is, right? if i draw a demand curve between quantity and price, the law of demand is telling me that demand curve slopes down.
00:20 So let's evaluate each of these statements.
00:22 So a says the price goes up means that demand goes down.
00:28 This looks good, but this means a shift in the curve...
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