When economists say the quantity demanded of a product has decreased, they mean the
a. demand curve has shifted to the left.
b. demand curve has shifted to the right.
c. price of the product has fallen, and consequently, consumers are buying more of it.
d. price of the product has risen, and consequently, consumers are buying less of it.
a. demand curve has shifted to the left.
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Why does your marginal rate of substitution between chocolate and vanilla ice cream decline continuously as you move rightward on your indifference curve between the two?
What will be an ideal response?
If free trade is opened between two countries, then one country must gain at the other country's expense
a. True b. False Indicate whether the statement is true or false
Use the above figure. Total cost at the profit-maximizing output is closet to
A. $4,800. B. $6,600. C. $9,600. D. $8,000.
A free market fails when
A) there is government intervention. B) there is an external effect in either production, consumption, or both. C) firms that produce goods which create positive externalities go bankrupt. D) firms that produce goods which create negative externalities earn high profits.