The quantity of a good that consumers demand depends only on the price of the good
Indicate whether the statement is true or false
False. The quantity of a good demanded depends on many factors including: its own price, consumers' incomes, and the price of related goods.
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With respect to diffusion of responsibility, the diffusion effect is always greater than the size effect
Indicate whether the statement is true or false
The term "market" in economics refers to
A) a group of buyers and sellers of a product and the arrangement by which they come together to trade. B) a legal institution where exchange can take place. C) an organization which sells goods and services. D) a place where money changes hands.
Opportunity costs arise from
A) choices. B) taxes. C) mistakes. D) regrets.
Under perfect competition, no matter how much output is produced, the total revenue curve is:
a. a positively-sloped line. b. a negatively-sloped line. c. a horizontal straight line. d. a U-shaped curve. e. a hill-shaped curve.