If price rises, what happens to the quantity demanded for a product?
What will be an ideal response?
It decreases.
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Use the following graph to answer the next question:
If the firm was operating as a perfectly competitive firm, what level of output would they produce to maximize profits?
A. Somewhere greater than Qc B. Qc C. Qo D. Somewhere between Qc and Qo
In the current Post-Industrial economy, international trade in services (including banking and financial services)
A) dominates world trade. B) does not exist. C) is an increasingly important component of global trade. D) is relatively stagnant. E) far surpasses the predictions of economist Alan Blinder.
Economics is the study of how people make
A. subjective judgments. B. life easy. C. choices. D. money.
We say a market is "missing" when:
A. there is an absence of a well-functioning market, and total surplus is lower than it could be. B. there is no place for potential buyers and sellers to exchange a particular good or service. C. the quantity being exchanged is at or close to zero. D. All of these are true.