The Law of Demand is the reason behind:
A) the price elasticity of demand having a positive value.
B) the income elasticity of demand having a positive value.
C) the price elasticity of demand having a negative value.
D) the income elasticity of demand having a negative value.
C
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Refer to Table 18.1. M1 in this simple economy equals
A) $500. B) $550. C) $1,050. D) $4,550.
Chausiku’s country has seen its production possibilities curve shift down and to the left over the past five years. Which of the following has most likely affected Chausiku’s country during this period?
a. discovery of a major oil field b. a prolonged drought c. expansion of the nation’s highway system d. implementation of universal health care
Which of the following is always downward-sloping?
A. The marginal cost curve when it is above the average total cost curve. B. The marginal cost curve when it is below the average total cost curve. C. The average total cost curve when it is above the marginal cost curve. D. The average total cost curve when it is below the marginal cost curve.
As price rises, quantity supplied ____________.
Fill in the blank(s) with the appropriate word(s).