As price falls, quantity demanded ___________.
Fill in the blank(s) with the appropriate word(s).
rises
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Which of the following is an implicit cost in Jim's business venture?
i. the salary Jim could have earned at another job ii. the interest Jim must pay on the loan he incurred to help open his business iii. the interest Jim lost when he used his savings to help open his business A) i only B) ii only C) iii only D) i and iii E) ii and iii
What arguments can be made against product differentiation and advertising?
What will be an ideal response?
The exchange rate is a key price that affects international trade flows of goods and services and international financial flows.
Answer the following statement true (T) or false (F)
Under monopsony, marginal factor cost
A. is less than the wage rate, although it increases as more workers are hired. B. is greater than the going wage rate. C. is downward sloping. D. equals the wage rate.