The law of demand is derived under the assumption of
A. constant consumer tastes and preferences.
B. constant marginal utility.
C. constant real incomes.
D. constant prices.
Answer: A
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Marginal cost is defined as
a. ?Q/?TC b. TC /Q c. ?TC/?Q d. Q/TC
Does a tax on buyers affect the demand curve?
A. Yes, it shifts down by the amount of the tax. B. Yes, it shifts to the left by the amount of the tax. C. Yes, it shifts up by the amount of the tax. D. No, there is change in the quantity demanded, but the demand curve does not move.
Which of the following is most central to the understanding of the economic crisis of 2008?
a. the decline of the stock market in late 2007 b. the housing boom (2001-2005) and bust (2007-2008) c. the sharp rise in oil prices in 2008 d. unethical investment practices beginning in 2000
A government-inhibited good is one that
A) the political process has determined is socially undesirable. B) the political process has determined is socially desirable. C) freely competitive markets have determined is socially desirable. D) we want to encourage the consumption of.