Telegram group: T.me/BBCNOUN [ECO292] Other things being equal, “as price increases, the quantity demanded of a commodity decreases” is known as the law of ____? demand [ECO292] The second law of thermodynermics is known as the law of ----- entropy [ECO292] A situation where a lower price increases the purchasing power thereby enabling the consumer to buy more at lower prices without having to reduce demand for other goods is known as ___? substitution effect [ECO292] Market prices are formed through the interactions of market ___ and ___ demand, supply [ECO292] Resources that have natural rate of replenishment faster than their rate of consumption by humans is referred to as _____? Renewable resources [ECO292] Resources can be classified into ____ and _____ resources. Traditional economic , Environmental economic [ECO292] The productive capacity of human physical and/or mental efforts, measured in terms of ability to work or produce goods and services is known as____? labour [ECO292] the value of nature is establish by consumer's ------- preference [ECO292] A table showing how much of a given commodity a buyer would be willing to buy at different prices is referred to as ____? Demand schedule