Question

1.According to the law of demand, when the price of an item goes up, the quantity demanded
a. stays at the same level. c. falls.
b. rises. d. adjusts
2. According to the law of supply, higher prices prompt producers to
a. increase demand. c. produce less.
b. maintain current production. d. produce more.
3. When the price of a good is too high for consumers, they look for
a. inelastic demand. c. inflation.
b. substitutes.

I think 1. C, 2. D, 3. D.

Answer 1

1 and 2 are right.

3? What is D?

Answer 2

luxury items.

Answer 3

I disagree with your answer for 3.

Look up the definitions of any words you don't know.

Answer 4

It B right?

Answer 5

Right.