High demand for a product does not necessarily mean a high quantity demanded for that product if the price is high enough

Indicate whether the statement is true or false


True

Economics

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Economic theories, or models, enable us to predict and to give reasonable explanations regarding economic variables

a. True b. False Indicate whether the statement is true or false

Economics

Which of the following is an example of an automatic stabilizer?

a. Congress legislates lower tax rates to increase consumption and investment. b. Tax rates are increased during a recession to maintain a balanced budget. c. A regressive income tax system reduces tax revenues (as a share of income) as income expands. d. Revenues from the corporate income tax increase sharply during a business boom but decline substantially during a recession, even though no new tax legislation has been enacted.

Economics

If the reserve ratio is 12.5 percent, then $1,000 of additional reserves can create up to

a. $7,000 of new money. b. $8,000 of new money. c. $11,500 of new money. d. $12,500 of new money.

Economics

Recall the Application about the free-agent market for professional baseball pitchers to answer the following question(s).Recall the Application. Baseball players who switch teams are more likely to suffer from injuries because the player's ________ team has superior information concerning the health of the player and, if they believe the player will be prone to injury in the future, they ________ be willing to outbid another team.

A. new; will not B. old; will not C. new; will D. old; will

Economics