TASC Economics Level 3 Practice Questions - TASC Economics Level 3 Examination (Course Code ECN315116) Exam

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According to the Law of Demand, what is the fundamental relationship between the price of a good and the quantity demanded by consumers, ceteris paribus?

An inverse relationship: as price increases, quantity demanded decreases A direct relationship: as price increases, quantity demanded increases A constant relationship: quantity demanded remains unchanged regardless of price An exponential relationship: quantity demanded doubles with every price increase

Correct Answer:

An inverse relationship: as price increases, quantity demanded decreases

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