The law of demand states that a lower price increases the amount of a commodity that people are willing to buy.
Answer the following statement true (T) or false (F)
True
You might also like to view...
Prior to 1996 the government measured real GDP using 1987 prices
What would the rapid growth in computers and the fall in computer prices tend to do to the difference between true GDP growth and measured real GDP growth, relative to using a later year?
A production function establishes the relationship between:
A) the market price of a good and the sales revenue generated. B) the quantity of output produced and the firm's profit. C) the quantity of inputs used and the quantity of output produced. D) the market price of a good and the quantity of output supplied.
Assuming that wheat and corn can both be grown on the same type of land, a decrease in the price of corn, other things being equal, will cause a(n):
a. downward movement along the supply curve for wheat. b. upward movement along the supply curve for wheat. c. rightward shift in the supply curve for wheat. d. leftward shift in the supply curve for wheat.
If a country’s GDP increases, but its debt decreases during that year, what will happen to the country’s debt to GDP ratio for the year in proportion to the magnitude of the changes?
a. Increase or decrease b. Decrease because its debt decreased c. Increase because GDP increased d. Decrease