The income elasticity of demand for food
A) does not change when an individual's income changes.
B) increases as an individual's income increases.
C) decreases as an individual's income increases.
D) is negative.
C
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In an oligopoly market
A) individual firms pay no attention to the behavior of other firms. B) one firm's pricing decision affects all the other firms. C) the pricing decisions of all other firms have no effect on an individual firm. D) advertising of one firm has no effect on all other firms.
The money demand curve is downward sloping because as the value of money falls people desire to hold a larger quantity of money
a. True b. False Indicate whether the statement is true or false
If M were 10,000, P were 10, and Q were 5,000, how much would V be?
What will be an ideal response?
The term "quantity demanded" refers to the
A) total amount of a good that is actually purchased during a given period of time. B) total amount of a good that people wish to buy, regardless of price. C) total amount of a good that purchasers wish to purchase at a given price during a given period of time. D) product of advertising, and is unrelated to price. E) entire relationship between desired purchases and possible prices.