Which is a determinant of demand?
a. Production costs
b. Technology
c. Amount of economic resources
d. Number of buyers
Answer: d. Number of buyers
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All but one of the following have been suggested by some economists as possible consequences of path dependency and switching costs. Which of the following is not a possible consequence of path dependency and switching costs?
A) diseconomies of scale B) market failure C) Consumers may get locked into using products with inferior technology. D) Government intervention may be necessary in affected markets in order to improve economic efficiency.
What happens to consumer surplus as price falls along a given demand curve?
a. It always increases. b. It always decreases. c. It never changes. d. It increases only if price increases just a little. e. It depends on the elasticity of demand and supply.
Fiat money
a. can be exchanged for gold and silver. b. is found in gold certificates . c. is not acceptable in the U.S. d. is accepted on faith.
Carl and Carly are American residents. Carl buys stock of a corporation in Austria. Carly opens a coffee shop in Austria. Whose purchase, by itself, decreases Austria's net capital outflow?
a. Carl's b. Carly's c. both Carl's and Carly's d. neither Carl's nor Carly's