Refer to the graph shown. A consumer would be expected to change consumption from point A to point B in response to a(n):
A. decrease in the price of soda.
B. increase in the price of chocolate bars.
C. increase in the price of soda.
D. increase in income.
Answer: C
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The current slowdown in productivity growth afflicting most of the industrialized countries is commonly thought to have begun around
A) 1897. B) 1929. C) 1948. D) 1973. E) 1984.
When demand is elastic
A) price and revenue move in opposite directions. B) price and revenue are not related. C) price and quantity demanded move in opposite directions. D) price and revenue move in the same direction.
The theory of short-run economic fluctuations is uncontroversial
a. True b. False Indicate whether the statement is true or false
If the price of chocolate goes up 20% and quantity demanded falls by 5%, demand is _______.
Fill in the blank(s) with the appropriate word(s).