Summarize how the law of demand explains the effects of price on the quantity demanded
What will be an ideal response?
The law of demand says that when a good's price is lower, consumers will buy more of it. When the price is higher, consumers will buy less of it.Demand is the desire to own something and the ability to pay for it. To have demand for a good or service, both of these conditions must be present.
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The impact of computers on U.S. productivity growth: a. has been disappointingly small—about one-half percentage point annually between 1972 and 1996. b. has been dramatic, contributing to significant growth during the early years of the 21st century. c. has been significant in the health care sector but not elsewhere
d. has actually been negative in most industries. e. was greater during the period 1972–1990 than it has been since that time.
An increase in the expected future price of a good may act to increase the present price of the good
a. True b. False Indicate whether the statement is true or false
C = a + bY is a form of the consumption function where a is
a. the consumption function, b is the marginal propensity to consume, and Y is national income b. the marginal propensity to consume, b is the consumption function, and Y is national income c. the marginal propensity to consume, b is autonomous consumption spending, and Y is national income d. autonomous consumption spending, b is the marginal propensity to consume, and Y is national income e. autonomous consumption spending, b is the consumption function, and Y is consumption spending
The government may intervene when a specific business practice increases concentration in an already concentrated market.
Answer the following statement true (T) or false (F)