All else held constant, the law of demand suggests that as
A. the price of tablets decreases, the quantity of tablets demanded will decrease.
B. income increases, the quantity of tablets demanded will increase.
C. the demand for tablets increases, the price of tablets will increase.
D. the price of tablets decreases, the quantity of tablets demanded will increase.
Answer: D
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A voting procedure in which the alternative that receives the most votes wins, even if that alternative does not receive a majority of the votes, is known as the
A) Borda-count method. B) Condorcet method. C) instant runoff method. D) plurality-rule method
The three functions of money are medium of exchange,
a. measure of value, and standard of value. b. measure of value, and store of value. c. standard of value, and store of value d. medium of value, and store of value. e. measure of value, and deferred value.
Which of the following is considered to be a fixed cost of operating an automobile?
a. gasoline b. tires c. oil change d. maintenance e. registration fees
Which of the following would not lead to higher concentration in an industry?
A. A large number of firms have entered the market. B. Some firms have become technologically superior. C. Larger firms gain control of important resources, squeezing out smaller firms. D. Innovation increases plant size of some firms and lowered their average costs.