Why are demand curves downward sloping?
What will be an ideal response?
Number of substitutes
You might also like to view...
Of the following, the federal government's largest source of revenue is the
A) sales tax. B) property tax. C) corporate income tax. D) Social Security tax. E) transfers from state and local governments.
If the fraction of the population that is below the official poverty level has decreased, then
a. the number of poor must have increased b. the number of poor must have decreased c. the population must have increased d. the number of poor may have increased or decreased e. the number of people above the official poverty level must have increased
Monopolistically competitive markets feature heterogeneous products
a. True b. False Indicate whether the statement is true or false
The aggregate demand and aggregate supply graph has
a. the price level on the horizontal axis. The price level can be measured by the GDP deflator. b. the price level on the horizontal axis. The price level can be measured by real GDP. c. the price level on the vertical axis. The price level can be measured by the GDP deflator. d. the price level on the vertical axis. The price level can be measured by GDP.