As nations become? richer, average family size increases.
What will be an ideal response?
False
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A technological improvement lowers the cost of producing coffee. At the same time, consumers' preferences for coffee increase. The equilibrium price of coffee will
A) rise. B) fall. C) remain the same. D) rise, fall, or stay the same, depending on the relative size of the shifts in the demand and supply curves.
"Diminishing marginal utility means a downward sloping total utility curve." True or false? Explain
Indicate whether the statement is true or false
If the price increases by 20 percent and the quantity supplied increases by 40 percent, what does the elasticity of supply equal?
What will be an ideal response?
How do the wages in the United States compare to those in northern Europe?
a. U.S. wage rates are higher than those of all northern European nations. b. Northern Europe's average wage rates are higher. c. U.S. wage rates are higher than those in Germany and the Netherlands. d. they are similar.