According to the law of demand
A) price and quantity demanded move in the same direction.
B) price and quantity demanded move in opposite directions.
C) ceteris paribus does not apply.
D) price and quantity demanded are unrelated.
Answer: B
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If the long-run average cost curve for the industry is flat what implication does this have for the relationship between the average cost curves for small and large firms?
What will be an ideal response?
If Dian chooses a job with a lower income over one with a higher income, she cannot be maximizing utility
a. True b. False
Natural resources:
A. are production inputs that come from the earth. B. include lakes, mineral deposits, forests, and so on. C. can be split into two categories: renewable or nonrenewable. D. All of these are true statements.
If Georgia experiences a late frost that damages the peach crop, we should expect the
a. supply curve for peaches to shift to the right and the price of peaches to fall. b. supply curve for peaches to shift to the left and the price of peaches to rise. c. demand curve for peaches to shift to the left and the price of peaches to fall. d. demand curve for peaches to shift to the right and the price of peaches to rise.