When the price of TVs goes up and fewer TVs are purchased, this is representative of the
A. law of market operations.
B. law of demand.
C. law of supply.
D. law of increasing costs.
Answer: B
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Suppose in a purely competitive market that American firms consider labor costs to be mostly variable while Japanese firms consider labor costs to be mostly fixed
What implication would this have for the viability of firms in each country if they compete with one another in the short run? What about the long run?
Lebron James, basketball player with the Cleveland Cavaliers, signed a contract for roughly $100 million. James would be willing to play for only $100,000 . An economist would argue that James is receiving $900,000 in wage-related rent
Indicate whether the statement is true or false
A decrease in the price of eggs will result in:
What will be an ideal response?
A decrease in net taxes will result in consumption crowding out planned investment when the economy is on the steep part of the AS curve.
Answer the following statement true (T) or false (F)