Which of the following is true for the law of demand?
A. Sellers increase the quantity of a good available as the price of the good increases.
B. An increase in price results from false needs.
C. There is an inverse relationship between the price of a good and the quantity of the good demanded.
D. Prices increase as more units of a product are demanded.
Answer: C
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A tax must be progressive if an individual with a higher income pays more dollars in taxes than an individual with a lower income.
Answer the following statement true (T) or false (F)
Globo Public Supply has $1,000,000 in assets. Its demand curve is: P = 206 - .20•Q and its total cost function is: TC = 20,000 + 6•Q where TC excludes the cost of capital. If Globo Public Supply is UNREGULATED, find Globo's optimal price
a. $206 b. $106 c. $56 d. $6 e. $3
The period between two successive peaks in a business cycle is called a contraction
a. True b. False Indicate whether the statement is true or false
Human capital can be acquired:
a. only through education b. equally well on any job c. equally well on any job d. more on some jobs than others