Some people will pay a higher price for brand-name goods. For example, some people buy Rolls Royce cars and Rolex watches to impress others.
Janet pays $20 for a watch from a local department store. Megan pays $2,000 for a Rolex watch. This the law of demand.

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jaywang31103 jaywang31103

24-08-2022
Business

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Some people will pay a higher price for brand-name goods. For example, some people buy Rolls Royce cars and Rolex watches to impress others.
Janet pays $20 for a watch from a local department store. Megan pays $2,000 for a Rolex watch. This the law of demand.

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amcool amcool · Answer 1 · 2022-08-26T13:15:43+02:00

Both actions of paying $20 for a watch from a local department store and paying $2,000 for a Rolex watch do not violate the law of demand.

What is the law of demand?

The law of demand states that the higher the price, the lower the quantity demanded.

That is, there is an inverse relationship between demand and price.

Moreover, demand can be described as the quantity of a commodity that is affordable to buyers and they are willing to pay its price.

Janet pays $20 for a watch from a local department store because that is what she can afford. This does not violate the law of demand.

Megan pays $2,000 for a Rolex watch because he can afford it and he bought it purposely to impress people that he is rich.

Since paying $2,000 for a Rolex watch by Megan has no effect on the prices of watches in the local market, his action has not violated the law of demand.

Learn more about the law of demand here: https://brainly.com/question/10782448.

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Some people will pay a higher price for brand-name goods. For example, some people buy Rolls Royce cars and Rolex watches to impress others. Janet pays $20 for a watch from a local department store. Megan pays $2,000 for a Rolex watch. This the law of demand.

Respuesta :

What is the law of demand?

Otras preguntas

Some people will pay a higher price for brand-name goods. For example, some people buy Rolls Royce cars and Rolex watches to impress others.
Janet pays $20 for a watch from a local department store. Megan pays $2,000 for a Rolex watch. This the law of demand.