The market demand for a particular good indicates:
A.) That consumers will purchase more of the good at higher prices, ceteris paribus.
B.) That sellers will offer more of the good only at higher prices, ceteris paribus.
C.) The total quantities buyers are willing and able to purchase at alternative prices, ceteris paribus.
D.) How much of the good is actually purchased in a given period of time.
C.) The total quantities buyers are willing and able to purchase at alternative prices, ceteris paribus.
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Robert Lucas spurred the rational expectations revolution in ________
A) the 1960s B) the 1970s C) the 2000s D) the 1880s
When a particular firm is fully utilizing its capital, its output is given by Y = 10 × . The cost of labor is $1 per unit. To maximize profit, how many units of labor should this firm use?
A) 25 B) 5 C) 3.16 D) 100 E) 50
A rightward shift of the Mexican demand curve for foreign exchange will
a. decrease the price of foreign exchange in Mexico b. increase the value of the peso c. make foreign goods less expensive in terms of pesos d. make foreign goods more expensive in terms of pesos e. make Mexican goods more expensive in terms of foreign exchange
If an increase in consumer incomes leads to a decrease in the demand for camping equipment, then camping equipment is
a. a complementary good b. a substitute good c. a normal good d. an inferior good e. none of the above