QUESTIO Because the price of grapes has decreased steadily in recent years, Marco has decided to sell off some of his vineyard because he no longer needs to produce as much. Which of the following supports that Marco has made the right decision? ANSWER Business cycle Law of supply Natural monopoly Law of demand IDON'T KNOWYET

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QUESTIO Because the price of grapes has decreased steadily in recent years, Marco has decided to sell off some of his vineyard because he no longer needs to produce as much. Which of the following supports that Marco has made the right decision? ANSWER Business cycle Law of supply Natural monopoly Law of demand IDON'T KNOWYET

Answer 1

The correct answer is: Law of demand.The law of demand states that, all else being equal, as the price of a good or service decreases, the quantity demanded for that good or service increases. In this case, the steady decrease in the price of grapes over recent years would have led to an increase in demand for grapes. As a result, Marco has decided to sell off some of his vineyard because he no longer needs to produce as much to meet the lower demand. This supports the idea that Marco has made the right decision based on the law of demand.

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