Ask Question
BusinessBusiness
24 October, 03:53

Your friend tells you the following:"The Law of Demand does not work ALL the time. As an example, think about the demand for luxury cars (e. g. BMWs, Porshe, etc). Demand for those luxury cars increases when the price of the car increases."Your friend is:

+1
Answers (1)
  1. 24 October, 04:02
    0
    The correct answer is letter "B": wrong; demand is not the same as quantity demanded.

    Explanation:

    Quantity demanded is not the same as Demand. Quantity demanded represents the amount of a good or service consumers request. Demand refers to all the factors influencing that the price of a good or service changes when at least one of those factors change.

    Thus, your friend must differentiate first what as demand and what quantity demanded is before making any related statement.
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “Your friend tells you the following:"The Law of Demand does not work ALL the time. As an example, think about the demand for luxury cars ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers
You Might be Interested in
A firm's optimal capital structure occurs where? Select one: a. Stock price is maximized, and EPS are maximized. b. Stock price is maximized, and WACC is maximized. c. EPS are maximized, and WACC is minimized. d.
Answers (1)
What type of policy covers unusual hazards typically not covered under ordinary accident and health insurance?
Answers (1)
As an intern in a marketing department, Rachel uses her laptop to get data off her company's computer network and then uses the data to create a report about weekly sales.
Answers (1)
A Caterpillar tractor acquired on January 12 at a cost of $171,000 has an estimated useful life of 25 years. Assuming that it will have no residual value. a. Determine the depreciation for each of the first two years by the straight-line method.
Answers (1)
Ray estimates that the fixed costs associated with opening a new bank branch are $500,000. He expects the branch to attract 1,000 new customer accounts in the first year, each of which will cost $50 per year to service.
Answers (1)
New Questions in Business
1. Of the 4 strategic approaches to international markets, which one (s) might be the best for a manufacturing company? a financial services company? or a company like Coke or Pepsi? Thoughts? 2.
Answers (1)
Masks Inc. is a cosmetics company that makes beauty products. It uses whale oil from dead whales only and does not kill whales to obtain blubber. A newspaper publishes a report stating that Masks Inc.
Answers (1)
Transfer payments are not included in gdp calculation because these are
Answers (1)
In which year were tobacco commercials banned from network television in the united states?
No Answers
Maggie's manager notices that she exhibits an external locus of control when she speaks about her work. Her manager should Group of answer choices a. direct Maggie toward a job with more autonomy. b.
Answers (1)
Home » Business » Your friend tells you the following:"The Law of Demand does not work ALL the time. As an example, think about the demand for luxury cars (e. g. BMWs, Porshe, etc). Demand for those luxury cars increases when the price of the car increases.
Sign Up Forgot Password?