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?
1.B
2.C
3.D
4.A
5.C
All of these are correct