The demand curve for a typical good has
A. a negative slope because consumers purchase less of the good as the price rises.
B. a negative slope because the supply of the good rises as demand rises.
C. a negative slope because the good has less “snob appeal” as its price falls.
D. a positive slope because as the price goes up, the good has more profitability.
E. a positive slope because price is a clear indicator of need.
Answer: A
You might also like to view...
In the production possibilities frontier depicted in the figure above, which of the following combinations of hats and bananas is unattainable?
A) 4 million pounds of bananas and 4 million hats B) 2 million pounds of bananas and 5 million hats C) 0 pounds of bananas and 6 million hats D) 1 million pounds of bananas and 3 million hats
Refer to Table 9-15. Looking at the table above, real average hourly earnings were equal to ________ in 2015
A) $9 B) $9.52 C) $10 D) $12
Assume the table has recorded the total output and prices of the only two goods produced. Looking at the figures in the table and using them to construct the GDP deflator, we can note the GDP deflator in 2003 was:
A. 135
B. 74
C. 109
D. 105
A cartel is
A. generally legal in the United States. B. a group of firms acting under collusion to control output and maximize group profits. C. similar to a monopolistically competitive industry. D. a group of firms acting like a perfectly competitive industry.