A newspaper headline asserts: "Rising Demand Pushes Up Housing Prices." This headline
A) incorrectly implies that the demand for housing can change, whereas in fact only the quantity of housing demanded can change.
B) incorrectly implies that the price of housing will rise when demand increases.
C) incorrectly implies that more housing will be demanded at higher prices.
D) correctly implies that an increase in demand will increase the market clearing price.
D
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Refer to the scenario above. The real GDP of the country in Year 1 was ________
A) $280,000 B) $2,200,000 C) $540,000 D) $1,400,000
The ________ effect refers to the change in quantity demanded for a good that results from the effect of a change in the good's price on consumer's purchasing power
A) substitution B) population C) ceteris paribus D) income
The bowed shape of the indifference curve reflects the consumer's
a. unwillingness to give up a good that he already has in large quantity. b. unwillingness to purchase a good that he already has in large quantity. c. greater willingness to give up a good that he already has in large quantity. d. greater willingness to purchase a good that he already has in large quantity.
Studies have found that there is a relationship between height and productivity. Briefly explain