In deriving the demand schedule for a good, economists assume that
A) consumers have equal incomes to allocate among goods.
B) a consumer will allocate all of her income to one good.
C) all other influences on demand except the product price are held constant.
D) reported income changes at each point on the demand schedule.
C
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If the Chinese currency devalues compared to the US dollar, then
a. US producers will benefit; Chinese consumers will benefit b. US producers will benefit; Chinese consumers will hurt c. US producers will hurt; Chinese consumers will benefit d. US producers will hurt; Chinese consumers will hurt
If a price ceiling of $5 per gallon is imposed on gasoline, and the market equilibrium price is $4.50, then the price ceiling is a binding constraint on the market
a. True b. False Indicate whether the statement is true or false
Empirical analysis generally deals with theory and little data.
A. True B. False C. Uncertain
What results in the aggregate demand curve shifting rightward year after year?
What will be an ideal response?