Despite India being on the World Bank's list of low-income countries, its capital city, Mumbai, is one of the top ten centers of commerce in the world.
Answer the following statement true (T) or false (F)
True
Economics
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A fall in the price of a good causes producers to reduce the quantity of the good they are willing to produce. This fact illustrates
A) the law of supply. B) the law of demand. C) a change in supply. D) the nature of an inferior good.
Economics
A buyer's consumer surplus on a unit of a good is its value to that buyer minus what the buyer actually pays for it
a. True b. False
Economics
Demand-pull inflation and cost-push inflation are both characterized by higher levels of unemployment
Indicate whether the statement is true or false
Economics
The personal preferences of an individual determine the point he or she chooses on the budget constraint
a. True b. False Indicate whether the statement is true or false
Economics