The law of demand
A) is only an assumption that cannot be tested.
B) only applies to necessities, not luxuries.
C) is consistent with human behavior in the world.
D) does not apply to scarce goods.
Answer: C
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An increase in the price of labor will, in the short-run, cause a competitive firm's
a. marginal cost to increase, the quantity it sells to decrease and therefore reduce the quantity demand of labor. b. price of its output to increase, leaving demand for labor unchanged. c. marginal revenue product of labor to decrease and therefore reduce demand for labor. d. marginal revenue product of labor to increase and therefore increase demand for labor.
The present value of a property is the
a. loanable funds used to purchase the property b. profit earned by landlords c. value today of the stream of returns a property will generate in the future d. interest rate divided by the annual return of a property e. rent derived from owning the property
A structure that combines limited liability with the pass through taxation benefits of a partnership; the bumper of shareholders is not restricted nor is members participation in management
What will be an ideal response?
The market system corrects a shortage by:
a. Raising product price to decrease production b. Lowering product price to increase production c. Raising product price to increase production d. Lowering product price to decrease production