An increase in demand is defined as an increase in the quantity that people are willing and able to purchase at
A. at least one price.
B. some prices.
C. different prices.
C. different prices.
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An increase in energy prices is a likely cause of
A) Great Depression. B) Korean War inflation. C) the recession in 1973-1975. D) the Great Moderation.
Lump sum transfers ________ because they _______.
A. compromise efficiency; distort choices B. don't compromise efficiency; distort choices C. compromise efficiency; don't distort choices D. don't compromise efficiency; don't distort choices
When the unemployment rate rises, college enrollment increases because workers seek to expand training. This is an example of:
A. correlation and causation. B. a negative correlation. C. normative economics. D. macroeconomics.
Marginal cost is best defined as:
a. a cost that does not vary with the rate of output. b. the difference between fixed and variable cost at any level of output. c. the amount added to total cost when one more unit of output is produced. d. the difference between price and average total cost at the profit-maximizing level of output.