When economists speak of preferences as influencing demand, they are referring to
A) directly observable changes in prices and income.
B) an individual's attitudes toward goods and services.
C) the excess of wants over the available supplies.
D) the availability of a good to all income classes.
B
You might also like to view...
If marginal costs differ quite substantially from average total costs, then using a cost-plus pricing schedule will not lead to the profit maximizing price
Indicate whether the statement is true or false
Explain the type of conflicts of interest that can arise from the development of universal banking
What will be an ideal response?
If the supply of labor to a firm is perfectly elastic at the going wage rate established by the forces of supply and demand then
A) the firm is price taker. B) the firm can only hire additional units of labor by driving the wage rate up. C) the wage rate has been decreasing. D) full employment exists in the labor market.
All natural resources are nonrenewable
Indicate whether the statement is true or false