all other things equal, and assuming that purchased both items before, what would you expect to happen to his purchases of (relative to ) this year?

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02-09-2022
Business

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all other things equal, and assuming that purchased both items before, what would you expect to happen to his purchases of (relative to ) this year?

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tutorconsortium344 tutorconsortium344 · Answer 1 · 2022-09-06T12:37:40-04:00

The law of demand suggests that because steaks are more expensive than salmon, they should be. David will make significantly fewer purchases. (Both items' dollar prices have increased, but this increase is relative and does not affect demand.)

The Law of Demand
One of the most fundamental ideas in economics is the law of demand. It explains how market economies distribute resources and set the prices of goods and services that we see in daily transactions by combining the law of supply. The law of demand states that the relationship between quantity purchased and price is inverse. In other words, the quantity demanded decreases as the price increases. Because of declining marginal utility, this happens. In other words, consumers utilize the initial units of an economic good they buy to fulfill their most pressing requirements first, and they use the subsequent units to fulfill progressively lower-valued goals.

To learn more about The Law of Demand

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