The law of demand states that:
A. consumers will buy more of a product at high prices than at low prices.
B. price and quantity demanded are directly related.
C. price and quantity demanded are inversely related.
D. the larger the number of buyers in a market, the lower the product price will be.
Answer: C
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Limited personal liability is an advantage for
A) sole proprietorships and partnerships. B) partnerships and corporations. C) sole proprietorships and corporations D) corporations.
If Apple's iTunes Music Store increases its "fee" for its music downloads, the law of demand predicts that
A) the number of iTunes music downloads would increase. B) there would be no change in the demand for iTunes music downloads. C) the number of iTunes music downloads would decrease. D) iTunes music supply would change but demand would not.
Which of the following measures of effectiveness is not a surrogate measure?
a. Cholesterol level b. Blood pressure c. Tumor size d. Hip fracture e. Bone-mass density (BMD)
?Exhibit 10A-1 Aggregate demand and supply model
Based on Exhibit 10A-1, when the aggregate demand curve shifts to the position AD2 and the economy is operating at point E2, the economy's position of long-run equilibrium corresponds to point:
A. E1. B. E2. C. E3. D. E1 or E3.