law of demand homework answers

Law of Demand

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• Q 1 / 10 Score 0 According to the Law of Demand, what happens to the quantity demanded of a good when its price increases? 29 It remains constant It increases It fluctuates It decreases

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• Q 1 According to the Law of Demand, what happens to the quantity demanded of a good when its price increases? It remains constant It increases It fluctuates It decreases 30 s
• Q 2 What is the main determinant of demand according to the Law of Demand? Preferences Supply Price Income 30 s
• Q 3 How is the Law of Demand typically represented on a graph? As an upward-sloping curve As a downward-sloping curve As a horizontal line As a vertical line 30 s
• Q 4 When the price of a product decreases, what effect does it have on the quantity demanded according to the Law of Demand? It decreases It fluctuates It remains constant It increases 30 s
• Q 5 In the context of the Law of Demand, what does a shift in the demand curve indicate? A change in consumer preferences A change in supply of the good A change in price of the good A change in quantity demanded at every price 30 s
• Q 6 What is the Law of Demand based on in terms of human behavior? The law of supply The idea of diminishing marginal utility The law of equilibrium Maximizing total utility 30 s
• Q 7 How does the Law of Demand explain the relationship between price and quantity demanded? It states that price and quantity demanded are always directly proportional. It states that price has no impact on quantity demanded. It states that quantity demanded remains constant regardless of price changes. It states that as the price of a good decreases, the quantity demanded increases, and vice versa. 30 s
• Q 8 How does the Law of Demand relate to the concept of consumer surplus? The Law of Demand leads to an increase in consumer surplus when prices decrease, and a decrease in consumer surplus when prices increase. Consumer surplus remains constant regardless of price changes. Consumer surplus decreases when prices decrease and increases when prices increase. The Law of Demand has no impact on consumer surplus. 30 s
• Q 9 What is the Law of Demand's explanation for why quantity demanded increases as the price of a good decreases? Due to the income and substitution effects Because of government regulations on pricing Because producers increase supply at lower prices Because consumers become more income-elastic 30 s
• Q 10 How does a change in consumer preferences impact the Law of Demand? A change in preferences only affects the price of the good. A change in consumer preferences can shift the demand curve, affecting the quantity demanded at every price level. Consumer preferences have no impact on the Law of Demand. The Law of Demand always supersedes changes in consumer preferences. 30 s

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Law of Demand

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Introduction

The demand for a commodity in the market is a multi-valued function. It depends on a number of variables as discussed above. But in law of demand we keep all other factors constant except price. By changing only the price of the good, we can study its effect on the quantity demanded. That means factors other than price which have a bearing on the demand for a commodity are deliberately kept constant to study the influence of price on the demand. This is, in essence, the sum and substance of the law of demand

Meaning and Definition

Other things remaining constant, the higher the price of a commodity, the smaller is the quantity demanded and lower is the price, the larger the quantity demanded. In other words, demand for a commodity varies inversely with price. Symbolically –

                D x  α  1/P x

Where Dx stands for quantity demanded of commodity ‘x’

                P x     = Price of commodity ‘x’

                1/P x = Inverse of price of ‘x’

                α   = Proportional relation

Assumptions

          The law of demand is based on the following assumptions:

• The consumer is a rational human being.
• His taste and preference remain constant.
• Income of the consumer remains constant.
• Price of related goods like substitutes and complementaries remain unchanged.
• The size and composition of population remain constant
• The distribution of income and wealth is given and remains constant.
• Climatic and weather conditions remain unchanged  

Explanation of the Law

The law of demand states a common experience of all buyers in the market. People generally purchase more of a commodity when it is cheaper and less of a commodity when it is dearer. We can explain this phenomenon with the help of a demand schedule and a demand curve.

Demand schedule is a list of various quantities of a commodity which a consumer is willing to purchase at different alternative prices. 

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On Chinese Doping Case, Lawmakers Demand Action, Answers From Olympic and Law-Enforcement Leaders

A bipartisan group of U.S. senators have sent a letter to the leader of the World Anti-Doping Agency asking for answers about the case in which 23 Chinese swimmers were cleared to compete at the Tokyo Olympics despite positive tests for a banned drug

Czarek Sokolowski

FILE - Poland's Sports Minister Witold Banka speaks during an interview March 18, 2019, in Warsaw, Poland. A bipartisan group of U.S. senators sent a letter Wednesday, May 22, 2024, to Banka, now the leader of the World Anti-Doping Agency, asking about the case in which 23 Chinese swimmers were cleared to compete at the Tokyo Olympics despite positive tests for a banned drug. (AP Photo/Czarek Sokolowski, File)

A bipartisan group of U.S. senators sent a letter Wednesday to the leader of the World Anti-Doping Agency asking for answers about the case in which 23 Chinese swimmers were cleared to compete at the Tokyo Olympics despite positive tests for a banned drug.

That letter came a day after a bipartisan group from the House sent a similar request to IOC President Thomas Bach and a letter to Attorney General Merrick Garland and FBI Director Christopher Wray asking for a briefing on federal investigators' knowledge of the case.

“It is not just this one incident that causes concern for many athletes, anti-doping agencies, and fans across the world, but it is the fact that WADA has long shown questionable ethical behavior,” said the letter sent from Sens. Marsha Blackburn, R-Tenn., John Hickenlooper, D-Colo., and Richard Blumenthal, D-Conn.

Last month, German broadcaster ARD and the New York Times reported that Chinese authorities determined the swimmers who had tested positive for a banned heart medication would not be punished because they had accidentally ingested the banned heart medication found in a hotel kitchen.

The story triggered a harsh backlash from WADA critics who said the agency did not follow its own rules when it decided to accept China's explanation for the positives instead of further pursuing the case. WADA has argued it handled the case appropriately and that, given the circumstances, it would have had virtually no chance of winning the case on appeal.

Three of the swimmers who were cleared won gold medals less than a year later in Tokyo.

“This scandal raises serious legal, ethical, and competitive concerns and may constitute a broader state-sponsored strategy by the People’s Republic of China (PRC) to unfairly compete at the Olympic Games," Reps. John Moolenaar, R-Mich., and Raja Krishnamoorthi, D-Ill., wrote to Wray and Garland.

Moolenaar is chair and Krishnamoorthi is ranking member on the House Select Committee on the Chinese Communist Party.

They and the senators also focused on reporting by The Associated Press that pointed out China had donated nearly $2 million above its required annual dues to WADA programs in the two years before this case erupted. The lawmakers questioned whether WADA's sponsorship deal with a Chinese-based sports products company was a conflict of interest.

“The global anti-doping system — a bedrock of the international sports community — is built upon trust and accountability,” the senators wrote in their letter to WADA President Witold Banka. “When WADA loses the international community’s trust, it can no longer effectively do its job.”

WADA appointed a Swiss prosecutor to conduct an investigation into the case and the agency's handling of it. Critics have said the terms of that investigation aren't broad enough and have asked for a wider probe, along with full disclosure of notes involved in the case file.

"While the recent appointment of a special prosecutor to investigate these claims is a step in the right direction, that appointment is not enough — real accountability from an independent auditor is imperative," the senators wrote.

AP Summer Olympics: https://apnews.com/hub/2024-paris-olympic-games

Copyright 2024 The  Associated Press . All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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FILE - Poland’s Sports Minister Witold Banka speaks during an interview March 18, 2019, in Warsaw, Poland. A bipartisan group of U.S. senators sent a letter Wednesday, May 22, 2024, to Banka, now the leader of the World Anti-Doping Agency, asking about the case in which 23 Chinese swimmers were cleared to compete at the Tokyo Olympics despite positive tests for a banned drug. (AP Photo/Czarek Sokolowski, File)

• Copy Link copied

A bipartisan group of U.S. senators sent a letter Wednesday to the leader of the World Anti-Doping Agency asking for answers about the case in which 23 Chinese swimmers were cleared to compete at the Tokyo Olympics despite positive tests for a banned drug.

That letter came a day after a bipartisan group from the House sent a similar request to IOC President Thomas Bach and a letter to Attorney General Merrick Garland and FBI Director Christopher Wray asking for a briefing on federal investigators’ knowledge of the case.

“It is not just this one incident that causes concern for many athletes, anti-doping agencies, and fans across the world, but it is the fact that WADA has long shown questionable ethical behavior,” said the letter sent from Sens. Marsha Blackburn, R-Tenn., John Hickenlooper, D-Colo., and Richard Blumenthal, D-Conn.

Last month, German broadcaster ARD and the New York Times reported that Chinese authorities determined the swimmers who had tested positive for a banned heart medication would not be punished because they had accidentally ingested the banned heart medication found in a hotel kitchen.

The story triggered a harsh backlash from WADA critics who said the agency did not follow its own rules when it decided to accept China’s explanation for the positives instead of further pursuing the case. WADA has argued it handled the case appropriately and that, given the circumstances, it would have had virtually no chance of winning the case on appeal.

Three of the swimmers who were cleared won gold medals less than a year later in Tokyo.

“This scandal raises serious legal, ethical, and competitive concerns and may constitute a broader state-sponsored strategy by the People’s Republic of China (PRC) to unfairly compete at the Olympic Games,” Reps. John Moolenaar, R-Mich., and Raja Krishnamoorthi, D-Ill., wrote to Wray and Garland.

Moolenaar is chair and Krishnamoorthi is ranking member on the House Select Committee on the Chinese Communist Party.

They and the senators also focused on reporting by The Associated Press that pointed out China had donated nearly $2 million above its required annual dues to WADA programs in the two years before this case erupted. The lawmakers questioned whether WADA’s sponsorship deal with a Chinese-based sports products company was a conflict of interest.

“The global anti-doping system — a bedrock of the international sports community — is built upon trust and accountability,” the senators wrote in their letter to WADA President Witold Banka. “When WADA loses the international community’s trust, it can no longer effectively do its job.”

WADA appointed a Swiss prosecutor to conduct an investigation into the case and the agency’s handling of it. Critics have said the terms of that investigation aren’t broad enough and have asked for a wider probe, along with full disclosure of notes involved in the case file.

“While the recent appointment of a special prosecutor to investigate these claims is a step in the right direction, that appointment is not enough — real accountability from an independent auditor is imperative,” the senators wrote.

AP Summer Olympics: https://apnews.com/hub/2024-paris-olympic-games

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