Which of these statements best represents the law of demand?
a. When buyers' tastes for a good increase, they buy more of the good
b. When the size of the consumer population rises, buyers purchase more of most goods.
c. When the price of a good decreases, buyers purchase more of the good.
d. Changes in preferences lead to changes in demand.
c
You might also like to view...
Because workers in the United States work fewer hours per week, on average, than they did over 100 years ago
A) GDP is lower than it would be if U.S. workers worked the same workweek they had 100 years ago. B) workers in the United States are worse off than they were over 100 years ago. C) GDP is higher than it would be if U.S. workers worked the same workweek they had 100 years ago. D) workers in the United States earn less income than they did over 100 years ago.
Each firm in a cartel has an incentive to chisel because market price exceeds:
a. marginal cost. b. average cost. c. average variable cost. d. average fixed cost.
Which of the following is the correct formula to calculate productivity?
a. Output + quantity of input b. Output ? quantity of input c. Quantity of input ÷ output d. Output ÷ quantity of input e. Output × quantity of input
The rate of interest banks charge when they lend money to other banks for short periods of time, typically overnight, is called the federal funds rate
Indicate whether the statement is true or false