The "law of demand" in economic theory asserts that
a. demand generates a supply sufficient to satisfy the demand.
b. nothing will be produced unless there is a demand for it.
c. people will purchase less of a good when its price rises.
d. wants are indefinitely expansible and can never be fully satisfied.
e. whatever people want will eventually be supplied.
c. people will purchase less of a good when its price rises.
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It is a "given" that an individual firm selling in a perfectly competitive market will take the market price because
A. there are no good substitutes for the firm's product. B. product differentiation is reinforced by extensive advertising. C. the firm's demand curve is downward-sloping. D. each producer supplies a negligible fraction of total market.
If an industry's Herfindahl-Hirschman Index is less than 1, the industry is likely to be
A) competitive. B) an oligopoly. C) a monopoly. D) technologically inefficient.
Which of the following led to a "bank jog" in Greece?
A) high unemployment B) high inflation C) speculation that Greece would abandon the euro D) the default of several Greek banks
The portion of income that is spent on productive inputs, such as factories, machinery, and inventories, is called:
A. investment. B. savings. C. consumption spending. D. loanable funds.