A downward-sloping demand curve for Korean won in terms of Canadian dollars indicates that the higher the dollar price of Korean won, the more won will be demanded
a. True
b. False
Indicate whether the statement is true or false
False
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"As consumption of a good increases, the extra satisfaction received from consuming an additional unit of the good decreases." This statement is known as the law of:
a. demand. b. increasing costs. c. diminishing marginal utility. d. diminishing marginal returns. e. total utility.
In a debate on the state of the economy Senator X pointed out that the unemployment rates for teenagers, blacks, and hispanics had increased over the last year, while Senator Y stated that the unemployment rate in the United States was at its lowest level in more than 30 years. In this example, aggregate data is being used by:
A. both senators. B. Senator X. C. neither senators. D. Senator Y.
What incentive motivates a manufacturer to sell a product?
a) making profits on sales b) putting others out of buisness c) pleasing the consumer d) popularity of the product
Consider a perfectly competitive market. What happens to profit-maximizing output of the representative firm when entry occurs?
a. output will rise b. output will fall c. output will not change