Free Practice Question
CR · Critical Reasoning
655-705
Complete the Passage
The law of demand indicates that, assuming all other factors are constant, as the price of a product increases, the quantity demanded decreases. This concept is exemplified when_____________ .
Answer Choices
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a decrease in the price of apples from $3 per pound to $2 per pound leads to 100 pounds of apples being sold instead of 60 pounds
B
a company has exclusive control over the smartphone market, so raising smartphone prices does not significantly affect the quantity demanded
C
a luxury watch brand finds that its customers are not very sensitive to price changes
D
a city sees a rise in both public transport fares and the number of commuters using bicycles
E
an increase in the number of bookstores results in a drop in the average price of books
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Comments
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V
VohJan 29, 2025
thanks!
Details
Difficulty
655-705
Type
CR