Select one of following and find out whether there is

Reference no: EM13392312

Choose one of the following and determine whether there is correct usage of the terms "demand," "quantity demanded," "supply" and "quantity supplied." Why or why not?

• As the price of pizza increases, consumers' demand decreases.

• Whenever the price of bicycles increases, the supply of bicycles increases.

• The price of electricity is cheaper in the northwestern part of the United States and, therefore, the demand for electricity is greater in the northwest.

• An increase in incomes of car buyers will increase the quantity demanded for cars.

• An increase in the quantity demanded of lobsters means consumers are willing and able to buy more lobsters at any price - whatever the current price is.

A decrease in the supply of frog legs means suppliers will provide fewer frog legs in the market at any price - whatever the current price is.

Reference no: EM13392312

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