According to the law of demand, an increase in the price of baseball trading cards causes:
A. baseball trading cards to grow in abundance.
B. the scarcity of baseball trading cards to increase.
C. people to buy fewer trading cards.
D. people to buy more trading cards.
Answer: C
You might also like to view...
Choice architecture focuses on such factors as:
A. the timing of choices. B. how different options are described. C. Both A and B are true. D. Neither A nor B is true.
Charles purchases 20 basketball tickets per year when his annual income is $50,000 and 25 basketball tickets when his annual income is $60,000 . Charles's income elasticity of demand for basketball ticket is
a. 0.82, and basketball tickets are a normal good. b. 0.82, and basketball tickets are an inferior good. c. 1.22, and basketball tickets are a normal good. d. 1.22, and basketball tickets are an inferior good.
In the open-economy macroeconomic model, the demand for dollars shifts right if at any given exchange rate
a. foreign residents want to buy more U.S. goods and services. b. U.S. residents want to buy fewer foreign goods and services. c. Both A and B are correct. d. None of the above is correct.
Given the following supply table, an increase in the price of pants from $30 to $50 per pair will increase the:Price (dollars per pair)A Supply Schedule for Pants Quantity Supplied (Pairs per week)$20400$30500$40600$50700
A. supply of pants by 700 pairs. B. supply of pants by 200 pairs. C. quantity supplied of pants by 500 pairs. D. quantity of pants supplied by 200 pairs.