When the price of apples goes up:
A. the demand for apples will decrease, ceteris paribus.
B. the demand for apples will increase, ceteris paribus.
C. the quantity of apples demanded will decrease, ceteris paribus.
D. the quantity of apples demanded will increase, ceteris paribus.
Answer: C
You might also like to view...
Refer to Figure 3-7. Assume that the graphs in this figure represent the demand and supply curves for blu-ray discs. Which panel best describes what happens in this market if there is a substantial increase in the price of blu-ray players?
A) Panel (a) B) Panel (b) C) Panel (c) D) Panel (d)
Total utility increases if one more unit of a product is purchased and marginal utility is positive
a. True b. False Indicate whether the statement is true or false
A consumer likes two goods: hamburgers and watermelons. The five bundles shown in the table below lie on the same indifference curve for the consumer. Bundle Hamburgers Watermelons A 10 3 B 5 3 C 3 3 D 3 5 E 3 10
Which of the following statements regarding these bundles is correct? a. The goods are perfect substitutes for this consumer. b. The goods are perfect complements for this consumer. c. The bundles violate the property that indifference curves do not cross. d. Both b) and c) are correct.
Convergence theory suggests that gaps in national incomes
A. tend to close over time. B. do not seem to change over time. C. are irrelevant in global economies. D. widen over time.