According to the law of demand, when the price of gas rises, Question 18 options:
A. people will drive more.
B. oil refining companies record financial losses.
C. car sales increase.
D. people decrease the quantity of gas demanded, perhaps by driving less.
D. people decrease the quantity of gas demanded, perhaps by driving less.
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In a competitive market, a good is most likely to be provided at inefficient levels if
A. private opportunity costs are positive. B. people can easily be prevented from using a good. C. people cannot be prevented from using a good. D. the good is depleteable.
An equation that captures how inputs of production are related to output is called a:
A. consumption function. B. GDP deflator. C. production function. D. saving function
Consumer surplus
a. is the amount of a good that a consumer can buy at a price below equilibrium price. b. is the amount a consumer is willing to pay minus the amount the consumer actually pays. c. is the number of consumers who are excluded from a market because of scarcity. d. measures how much a seller values a good.
Which of the following is a reason for economic discrimination to occur?
A) differences in access to education B) differences in gender C) differences in the quality of education D) barriers to entry in higher-paying occupations