Which of the following determines the quantity demanded of a commodity?
a. The income levels of consumers
b. The price of the commodity
c. The prices of related commodities
d. The number of buyers
e. Consumers' expectations
b
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Which of the following is not a reason for changes in the politics of the budget process over the past forty years?
a. The changing composition of government spending toward social services. b. The increasing size of budget deficits. c. The increasing federal debt. d. The move away from incrementalism in the budgetary process.
The kinked demand theory attempts to explain why an oligopolistic firm:
a. has relatively large advertising expenditures. b. fails to invest in research and development (R and D). c. infrequently changes its price. d. engages in excessive brand proliferation.
Direct relationships are illustrated using upward-sloping lines and curves
a. True b. False Indicate whether the statement is true or false
Which of the following demonstrates the law of demand?
a. After Jon got a raise at work, he bought more pretzels at $1.50 per pretzel than he did before his raise. b. Melissa buys fewer muffins at $0.75 per muffin than at $1 per muffin, other things equal. c. Dave buys more donuts at $0.25 per donut than at $0.50 per donut, other things equal. d. Kendra buys fewer Snickers at $0.60 per Snickers after the price of Milky Ways falls to $0.50 per Milky Way.