Consumer preferences, prices of related goods, income, and demographic characteristics are often termed:
A) market technologies.
B) demand prices.
C) demand shifters.
D) supply determinants.
Ans: C) demand shifters.
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Total product divided by the total quantity of labor employed equals the
A) average product of labor. B) marginal product of labor. C) average total cost. D) average variable cost.
An example of a public good is
A) national defense services. B) a Ford truck. C) a loaf of bread. D) a home computer.
Roughly speaking, peak-load pricing makes users at peak times pay for capacity while users at off-peak times pay only for operating cost
Indicate whether the statement is true or false
An inferior good or service is any good or service for which:
a. an increase in price causes an increase in the quantity demanded. b. a decrease in price causes an increase in demand. c. an increase in price causes a decrease in the quantity demanded. d. an increase in the amount consumed causes a decrease in marginal utility. e. an increase in income causes a decrease in demand.