For the following statement, move the endpoints of the demand curve to create the demand relationship that is described. "I spend more on orange juice even as the price rises". (Does this mean that I must be violating the law of demand)?

Explanation:

"I spend more on orange juice even as the price rises".

This implies that orange juice is not an inferior good because people demand less of an inferior product when their prices fall. In this case more is demanded as price rises implying that orange juice is being viewed as a luxury good or healthy drink. Consumers tend to interpret certain price increase positively and view the goods as superior.

Does this mean that I must be violating the law of demand?

YES

Generally, the law of demand states that, "citeris paribus  (with all things being equal), as the price of a good rises, quantity demanded falls; conversely, as the price of a good falls, quantity demanded increases".

Therefore if "I spend more on orange juice even as the price rises", then obviously the law of demand is being violated

1   all nations face the problem of scarcity because there are limited resources and unlimited wants. nations do not have enough factors of production to produce everything that their population wants. entrepreneurial resources initiate businesses to make new goods and services; labor resources produce goods and services.

2 there are four factors of production: natural resources, labor resources, capital resources, and entrepreneurial resources. natural resources are raw materials from nature that are used to produce goods. trees, water, and grains are natural resources. some natural resources, such as wheat and cattle, are renewable

3 wants

things that you do not need to have in order to survive, but would like to have

needs

things that you must have in order to survive

goods

physical products

services

tasks that a business perform for customers

resources

items that people can use to make or obtain what they need or want

determine

to settle or decide by choice of alternatives or possiblities

4 i really dont know

answer; work samples;