The law of demand is the principle that there is ________ relationship between the price of a good and the quantity buyers are willing to purchase in a defined time period, ceteris paribus
a. a direct
b. an inverse
c. an independent
d. no
b
Economics
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The major cost of production in the economy is
A. interest expense. B. capital costs. C. rents. D. profits. E. wages.
Economics
An industrially advanced country (IAC) is defined as a country with a GDP per capita among the top ____ countries in the world
a. 5 b. 10 c. 20 d. 27
Economics
Which of the following goods is not excludable and not rival in consumption?
a. fish in the ocean b. tickets to a professional basketball game c. a tornado siren d. a premium television channel
Economics
If, when a firm doubles all its inputs, its average cost of production decreases, then production displays
A) diminishing returns. B) economies of scale. C) diseconomies of scale. D) declining fixed costs.
Economics