Which of the following would cause the sharpest decrease of price?
a. Supply decreases; demand is unchanged.
b. Supply increases; demand decreases.
c. Supply increases; demand is unchanged.
d. Supply increases; demand increases.
b. Supply increases; demand decreases.
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According to the law of demand,
A) everything has its price. B) human wants are insatiable. C) people will do anything to obtain goods they want. D) there are no free goods. E) there is a negative relationship between the amount of anything people will purchase and the sacrifice that must make to obtain it.
Suppose a plaintiff hires a lawyer to represent her in a court case. Under which of the following contracts is production efficiency assured?
A) The lawyer is paid by the hour. B) The lawyer receives a share of the settlement. C) The lawyer receives a fixed fee. D) The lawyer pays the client a fee for the right to the entire settlement.
Demand shifts due to changes in price
a. True b. False Indicate whether the statement is true or false
In which of the following decades did the Phillips curve break down for the U.S.?
A) 1940s B) 1950s C) 1960s D) none of the above