If a demand curve shifts to the left, then
A) quantity demanded has increased. B) demand has increased.
C) quantity demanded has decreased. D) demand has decreased.
D
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During the Great Depression we observed:
a. higher prices. b. higher real wages. c. lower output. d. higher money wages. e. both b and d.
Refer to Figure 3.2. Which assumption concerning preferences do Alvin's indifference curves violate?
A) Diminishing marginal rates of substitution B) Transitivity of preferences C) More is preferred to less D) Completeness E) both A and C
There is no incentive for additional producers of an information product to enter the industry when the price charged for these products by each firm already in the industry is equal to
A) marginal cost. B) average total cost. C) average fixed cost. D) average variable cost.
The extremely low savings rate in the United States has forced us to borrow almost $____ billion a day to finance our federal budget deficit and trade deficit.
A. 1 B. 2 C. 3 D. 4