The downward slope of the demand curve is attributed to:
a. the inverse relationship between price and quantity demanded.
b. the direct relationship between income and quantity demanded.
c. the direct relationship between price and quantity demanded.
d. the inverse relationship between income and quantity demanded.
e. the direct relationship between consumer preferences and quantity demanded.
a
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The primary difference between an import tariff and an import quota is that
a. tariffs cause prices to rise, but quotas do not b. quotas cause prices to rise, but tariffs do not c. tariffs result in a net welfare loss, but quotas do not d. quotas result in a net welfare loss, but tariffs do not e. tariff revenues go to government, but quotas benefit those with the right to sell foreign goods domestically
Which of the following best describes an oligopoly?
a. A few firms selling all automobiles b. One firm providing all tap water c. A few firms banding together to set gas prices d. Two firms manipulating e-book prices
If the debt is financed externally, then the burden is incurred when the debt is financed.
Answer the following statement true (T) or false (F)
A decrease in supply will increase prices least when demand is
A. perfectly inelastic. B. unit elastic. C. elastic. D. inelastic (but not perfectly inelastic).