The demand curve is downward-sloping because of the law of ____
a. diminishing marginal utility
b. diminishing consumer equilibrium
c. consumer equilibrium
d. diminishing utility maximization
a
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Historically our rate of economic growth has been about _____% a year.
A. 9.5 B. 7.5 C. 5.5 D. 3.5
Assume the price of product Y (the quantity of which is on the vertical axis) is $15 and the price of product X (the quantity of which is on the horizontal axis) is $3. Also assume that money income is $60. The absolute value of the slope of the resulting budget line is
What will be an ideal response?
On a straight line demand curve, total revenue is the same at every point on the demand curve.
Answer the following statement true (T) or false (F)
An increase in the quantity of hybrid cars supplied would be caused by which of the following?
A. An increase in the demand for hybrid cars B. A decrease in the demand for hybrid cars C. Higher prices of car batteries D. Lower prices for gasoline