The demand curve for a product slopes downward to the right because more of the product will be
a. demanded as income rises.
b. bought as the population grows.
c. purchased as price falls.
d. demanded as the price of substitutes falls.
c. purchased as price falls.
You might also like to view...
If a good is inferior, the income elasticity of demand must be
A. negative. B. positive and greater than 1. C. merely positive (not necessarily greater than 1). D. zero.
What is a "debtor nation?" Is the United States a debtor nation?
What will be an ideal response?
Refer to above figure. Given the opportunity to sell at world prices, the marginal (opportunity) cost of selling a ton domestically is what?
What will be an ideal response?
Frank Murphy is considering how many snowmobiles to purchase for his snowmobile rental business. Below are his estimates of the number of snowmobile rentals per year, depending on the number of snowmobiles available.Number ofSnowmobilesYearlyrentals1902170324043005350After paying all non-interest expenses, expenses Frank expects to net $10 per rental. Each snowmobile costs $15,000. How many snowmobiles should Frank purchase if the real interest rate is 5.5%?
A. 1. B. 0. C. 2. D. 4.