The observation that consumer purchases of walnuts decline as the price rises reflects:
a. a decrease in demand.
b. the law of demand.
c. an increase in demand.
d. the law of supply.
b. the law of demand.
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In the table above, country B is producing 4 units of X and 6 units of Y. For country B, the opportunity cost of producing an additional unit of Y is
A) 1/2 unit of X per unit of Y. B) 2/3 unit of X per unit of Y. C) 2 units of X per unit of Y. D) 3 units of X per unit of Y.
A seller cannot mislead purchasers of a(n) ________ good more than ________.
A) experience; once B) experience; twice C) inspection; twice D) inspection; once
Which of the following is characteristic of an oligopolistic industry?
a. few firms b. interdependence c. large barriers to entry d. All of the above
Which of the following does not explain why the aggregate demand curve is negatively sloped?
a. misperception effect b. open economy effect c. real wealth effect d. interest rate effect