If an increase in quantity demanded of a product reduces the quantity demanded of another, then the two goods are said to be substitutes
a. True
b. False
Indicate whether the statement is true or false
True
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Refer to the table above. What is the total revenue when the monopolist charges a price of $6?
A) $1,550 B) $1,800 C) $2,150 D) $3,200
In the view of the Classical economists, a increase in aggregate demand leads to
A) lower output levels. B) a higher price level. C) higher output levels. D) a lower price level.
The supply curve of a depletable natural resource is usually
A. downward sloping because the resource runs out over time. B. upward sloping because more of the resource can be profitably extracted at higher prices. C. upward sloping because the price of the resource rises at the rate of inflation. D. vertical because the supply of the resource is fixed.
Which of the following would be studied by macroeconomists?
A. Inflation in developing countries B. The effect of government subsidies on sugar prices C. The effect of rent controls on housing prices in New York City D. The impact of the minimum wage on families below the poverty level