Change in quantity demanded
What will be an ideal response?
When consumers buy a different amount than before because the price changed
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Which feature of the business cycle does the one-period model replicate with shocks to government expenditures?
A) procyclical employment B) procyclical consumption C) procyclical real wages D) countercyclical prices
What is the Effective Tax Rate?
What will be an ideal response?
As the number of firms in the oligopoly grows very large, the
a. output effect disappears. b. price effect disappears. c. output effect equals the price effect. d. price of the product greatly exceeds marginal cost.
Average fixed cost is defined as:
A. total variable cost divided by quantity. B. quantity divided by total variable cost. C. the change in total variable cost divided by the change in quantity. D. total fixed cost divided by quantity.