All else constant, an increase in the incomes of consumers in the market for diamonds would cause the supply of diamonds to increase
Indicate whether the statement is true or false
FALSE
You might also like to view...
Suppose a nation's real Gross Domestic Product (GDP) grows at a rate of 2 percent per year while its population grows 2 percent annually. Given this information, this nation's annual rate of per capita real GDP growth is equal to
A) 1 percent. B) -1 percent. C) 0 percent. D) 4 percent.
Figure 5-11
In Figure 5-11, a consumer is initially at point A. There is a price change and she moves to B. It follows that
A. the demand for beer follows the law of demand. B. the demand for beer does not follow the law of demand. C. wine is an inferior good. D. the consumer is confused.
Are the curves in the figure above drawn CORRECTLY? If not, what's wrong?
What will be an ideal response?
If a firm produces 10 units, TC=$100 . When the firm increase its output to 15 units, TC= $150 . The firm's AVC equal to
a. $50 b. $100 c. $5 d. $10