The demand curve of a commodity slopes downward because of:
a. the insatiable nature of human wants.
b. the presence of double coincidence of wants.
c. the law of demand.
d. the scarcity of goods and services in an economy.
e. the law of diminishing marginal utility.
c
You might also like to view...
The opportunity cost of producing in low-income, developing countries rises over the product cycle, according to theory
Indicate whether the statement is true or false
Because the height of the demand curve measures the marginal value of the good to consumers, the fact that a demand curve slopes downward to the right illustrates that
a. as more of a product is consumed, consumers will value additional units less. b. as more of a product is consumed, consumers will value additional units more. c. the value of additional units of the good is unrelated to the amount consumed. d. the cost of production for a good generally rises as more of it is produced.
A competitive, profit-maximizing firm hires labor up to the point at which the wage is equal to the __________
Fill in the blank(s) with correct word
Big Roads and Big Pavers are two competing road construction firms. The managers of these two firms should never undertake all of the following actions except which? one?
A) agree to not submit a bid on a government road contract
B) share information and experiences from implementing new government safety standards
C) agree to only operate in a specific area of the country
D) adjust the amount they bid on a government road contract