If quantity supplied is less at each price, we say that there has been
A. an increase in supply.
B. an increase in demand.
C. a decrease in supply.
D. a decrease in demand.
C. a decrease in supply.
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As an individual consumes more of a given good or service, the marginal utility of that good to the consumer likely: a. increases
b. remains constant. c. falls. d. falls and then rises.
An example of a good or service that would not count in the U.S. GDP would be:
A. a car made by Ford in Michigan. B. a car made by Toyota in Tennessee. C. sneakers made by Nike in Indonesia. D. sneakers made by New Balance in Ohio.
A decrease in supply will occur when
A) the supply curve shifts downward to the right. B) the supply curve shifts upward to the left. C) the demand curve shifts downward to the left. D) the demand curve shifts upward to the right.
A decrease in income causes demand for a normal good to ________, and an increase in income causes demand for an inferior good to ________.
Fill in the blank(s) with the appropriate word(s).