A market demand schedule for a product indicates that
A. as a product's price rises, consumers buy more of the good.
B. there is a positive relationship between price and quantity demanded.
C. there is a negative relationship between price and quantity demanded.
D. as the product's price falls, consumers buy less of the good.
Answer: C
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The Phillips curve trade-off relationship implies that
A) there is no relationship between inflation and unemployment, at least in the long run. B) the government can fine-tune the economy and generate both the natural rate of unemployment and zero inflation. C) the government can fine-tune the economy and pick the most preferred combination of unemployment and inflation. D) low unemployment can be obtained only by generating rapidly increasing inflation.
Contracting is a better arrangement for operating an electricity market than is a spot market
Indicate whether the statement is true or false
The demand curve for a human resource will be more elastic when
a. there are more and better substitutes are available for it. b. it is more difficult to substitute other resources for it. c. the demand for the product the resource is used to produce becomes more inelastic. d. the time period under consideration is shorter.
To stop a speculative attack interest rates must be ________, which will ________ aggregate demand.
A. increased; increase B. decreased; decrease C. increased; decrease D. decreased; increase