Explain that the given statement violates the law of demand .

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Answer 1

Question

Chapter 3, Problem 1SQP

To determine

Explain that the given statement violates the law of demand.

Expert Solution & Answer

Explanation of Solution

If people buy a good with higher price, they demand higher quality for that good. Generally, as per the law of demand, when price of a good increases, it decreases the quantity demanded of that good. Under this case, it violates the law of demand. Here, the quality and other non-price factors such as taste and preference are the determinants of demand for goods.

Economics Concept Introduction

Demand: Demand refers to the total value of goods and services that are demanded at a particular price in a given period of time.

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The prices of the Ralph Lauren Polo line of clothing are considerably higher than comparable quality lines. Yet, it sells more than a J.C. Penney brand line of clothing. Does this violate the law of demand? Please explain.

Answer 2

Question

Chapter 3, Problem 1SQP

To determine

Explain that the given statement violates the law of demand.

Expert Solution & Answer

Explanation of Solution

If people buy a good with higher price, they demand higher quality for that good. Generally, as per the law of demand, when price of a good increases, it decreases the quantity demanded of that good. Under this case, it violates the law of demand. Here, the quality and other non-price factors such as taste and preference are the determinants of demand for goods.

Economics Concept Introduction

Demand: Demand refers to the total value of goods and services that are demanded at a particular price in a given period of time.

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Answer 3

Question

Chapter 3, Problem 1SQP

To determine

Explain that the given statement violates the law of demand.

Expert Solution & Answer

Explanation of Solution

If people buy a good with higher price, they demand higher quality for that good. Generally, as per the law of demand, when price of a good increases, it decreases the quantity demanded of that good. Under this case, it violates the law of demand. Here, the quality and other non-price factors such as taste and preference are the determinants of demand for goods.

Economics Concept Introduction

Demand: Demand refers to the total value of goods and services that are demanded at a particular price in a given period of time.

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Answer 4

Question

Chapter 3, Problem 1SQP

To determine

Explain that the given statement violates the law of demand.

Expert Solution & Answer

Explanation of Solution

If people buy a good with higher price, they demand higher quality for that good. Generally, as per the law of demand, when price of a good increases, it decreases the quantity demanded of that good. Under this case, it violates the law of demand. Here, the quality and other non-price factors such as taste and preference are the determinants of demand for goods.

Economics Concept Introduction

Demand: Demand refers to the total value of goods and services that are demanded at a particular price in a given period of time.

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Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 5

Chapter 3, Problem 1SQP

To determine

Explain that the given statement violates the law of demand.

Expert Solution & Answer

Explanation of Solution

If people buy a good with higher price, they demand higher quality for that good. Generally, as per the law of demand, when price of a good increases, it decreases the quantity demanded of that good. Under this case, it violates the law of demand. Here, the quality and other non-price factors such as taste and preference are the determinants of demand for goods.

Economics Concept Introduction

Demand: Demand refers to the total value of goods and services that are demanded at a particular price in a given period of time.

Answer 6

Chapter 3, Problem 1SQP

To determine

Explain that the given statement violates the law of demand.

Expert Solution & Answer

Explanation of Solution

If people buy a good with higher price, they demand higher quality for that good. Generally, as per the law of demand, when price of a good increases, it decreases the quantity demanded of that good. Under this case, it violates the law of demand. Here, the quality and other non-price factors such as taste and preference are the determinants of demand for goods.

Economics Concept Introduction

Demand: Demand refers to the total value of goods and services that are demanded at a particular price in a given period of time.

Answer 7

Chapter 3, Problem 1SQP

To determine

Explain that the given statement violates the law of demand.

Answer 8

Expert Solution & Answer

Explanation of Solution

If people buy a good with higher price, they demand higher quality for that good. Generally, as per the law of demand, when price of a good increases, it decreases the quantity demanded of that good. Under this case, it violates the law of demand. Here, the quality and other non-price factors such as taste and preference are the determinants of demand for goods.