When economists say the demand for a product has decreased, they mean
a. the demand curve has shifted to the left.
b. the product price has increased, and as a consequence, consumers are buying less of the product.
c. consumers are now willing and able to buy more of this product at each possible price.
d. the demand curve has shifted to the right.
A
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One possible reason for Wal-Mart's success is that centralized-decision making provides economies of scale that allow it to aggressively bargain down wholesale prices of standard consumer goods
Indicate whether the statement is true or false
Identify the correct statement
a. As domestic income rises, imports rise and net exports fall. b. As foreign income rises, net exports fall. c. As domestic income falls, imports rise and net exports fall. d. As domestic income rises, imports fall and net exports rise. e. As foreign income falls, net exports rise.
When a perfectly competitive firm increases output, total revenue:
A. decreases, because there is no price effect. B. increases, because there is no quantity effect. C. decreases, because there is no quantity effect. D. increases, because there is no price effect.
What is a multilateral trade pact? Discuss the first one that was formed and what its impact has been.
What will be an ideal response?