The price of cotton clothing falls. As a result,
A) the quantity demanded of cotton clothing increases.
B) the demand for cotton clothing increases.
C) the quantity demanded of cotton clothing decreases.
D) the demand for cotton clothing decreases.
E) both the demand for cotton clothing increases and the quantity demanded of cotton clothing increases.
A
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Generally, a firm is more willing and able to increase quantity supplied in response to a price change when
a. the relevant time period is short rather than long. b. the relevant time period is long rather than short. c. supply is inelastic. d. the firm is experiencing capacity problems.
Exhibit 2-4 Production possibilities curve data A B C D E Capital goods 0 10 20 30 40 Consumer goods200 180 140 80 0 According to the data in Exhibit 2-4, a total output of 140 units of consumer goods and 10 units of capital goods would:
A. be unobtainable in this economy. B. be an efficient way of using the economy's scarce resources. C. result in the maximum use of the economy's labor force. D. result in a less than maximum rate of growth for this economy.
The Federal Reserve stepped in to help
A. Bear Stearns but not Lehman Brothers. B. Lehman Brothers but not Bear Stearns. C. both Bear Stearns and Lehman Brothers. D. neither Bear Stearns nor Lehman Brothers.
A. versatility and flexibility. B. rationality. C. pleasure or satisfaction. D. purposefulness
A. versatility and flexibility. B. rationality. C. pleasure or satisfaction. D. purposefulness.