The law of demand says that
a. the customer is always right
b. quantity supplied equals quantity demanded
c. price and quantity supplied are inversely related
d. price and quantity demanded are inversely related
e. income and quantity demanded are directly related
D
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Regardless of what types of workers are available in different countries, unrestricted labor outsourcing always results in an equalization of wages across countries.
Answer the following statement true (T) or false (F)
In a perfectly competitive market, when the price is greater than the minimum average total cost for most firms, some will:
A. exit until the price drops to equal minimum ATC. B. enter until the price drops to equal minimum ATC. C. exit until the price increases to equal minimum ATC. D. enter until the price increases to equal minimum ATC.
Ceteris paribus, which of the following situations would result in the largest quantity of money demanded?
a. When nominal GDP = $1.4 trillion and the interest rate is 3 percent. b. When nominal GDP = $1.4 trillion and the interest rate is 6 percent. c. When nominal GDP = $1.2 trillion and the interest rate is 5 percent. d. When nominal GDP = $800 billion and the interest rate is 4 percent.
Who gains and who loses from a protective tariff? Explain.
What will be an ideal response?