What is the law of demand?
What will be an ideal response?
The law of demand states that other things remaining the same, if the price of a good rises, the quantity demanded of that good decreases, and if the price of a good falls, the quantity demanded of that good increases.
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Given the demand curve in Figure 5-24, explain how consumer’s surplus is calculated.
What will be an ideal response?
The difference between the total amount that producers would have been willing to accept for the total quantity produced in a market and what they actually received at the market clearing price is called
A) production excess. B) excess demand. C) market surplus. D) producer surplus.
Which of the following is the least accurate?
a. European nations purchased large quantities of munitions and food at ever-rising prices form the U.S. b. The financial center of the world shifted from New York before the war to London and Paris after the war. c. The gap between Europe's imports from the U.S. and exports to the US rose dramatically. d. The war was immensely profitable for many U.S. corporations.
A wider use of charge accounts and credit cards have reduced the demand for "walking-around" money
a. True b. False Indicate whether the statement is true or false