Social Studies

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According to the law of demand, low prices serve mostly as a ________ for buyers.

a) supply

b) reward

c) substitute

d) penalty

Is it b?

In economics, what is a substitute?

a) a good or service that is more expensive than the one the buyer first wanted

b) a good or service that experiences a price change because of supply and demand

c) a good or service used to determine relative prices in a marketplace

d) a good or service that people buy because the one they want is too expensive

Is it d?

  • Social Studies -

    yes, and yes.

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