The quantity demanded of a good is the amount that buyers are
a. willing to buy
b. willing and able to buy.
c. willing, able, and need to buy.
d. able to buy.
b
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Changing the labels on isoquants without changing the shapes of the isoquants implies no change in the underlying technology so long as the ordering of isoquants is preserved.
Answer the following statement true (T) or false (F)
Suppose consumer preference for beef starts to rise while the cost of raising beef continues to rise. In the market for beef, this would be represented by the equilibrium price ________ and the equilibrium quantity ________
A) increasing; increasing or decreasing B) increasing or decreasing; increasing C) decreasing; increasing or decreasing D) increasing or decreasing; decreasing
In investment banking, a conflict usually is present between the issuers of securities, who ________, and investors, who ________
A) benefit from unbiased auditing; desire unbiased consulting B) desire unbiased research; benefit from optimistic research C) benefit from optimistic research; desire unbiased research D) desire unbiased consulting; benefit from unbiased auditing
Based on the graph showing the supply and demand for health care service, what would happen to area ABC if a new national program provided unlimited free health care to everyone?
a. It would grow.
b. It would shrink.
c. It would disappear.
d. It would remain stable.