In economics, the demand for a good refers to the amount of the good people:
a. would like to have if the good were free.
b. are willing to buy at various prices.
c. need to achieve a minimum standard of living.
d. will buy at alternative income levels.
b
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The real interest rate bringing the supply of saving equal to the demand for saving is an example of the:
A. cost-benefit principle B. equilibrium principle. C. scarcity principle. D. principle of increasing opportunity cost.
If one defines incremental cost as the change in total cost resulting from a decision, and incremental revenue as the change in total revenue resulting from a decision, any business decision is profitable if:
a. it increases revenue more than costs or reduces costs more than revenue b. it decreases some costs more than it increases others (assuming revenues remain constant) c. it increases some revenues more than it decreases others (assuming costs remain constant) d. all of the above e. b and c only
Which of the following assets would be considered least liquid?
a. A silver coin b. An antique automobile c. A U.S. savings bond d. A debit card e. A certificate of deposit
Suppose that there is only one seller in the computer industry. If the demand curve that the only seller in the industry faces is a straight-line, downward-sloping curve, at which point would the seller's total revenue be maximized?
A. at the highest point on the demand curve, where price is the highest B. at a point high on the demand curve, where elasticity is elastic C. at the midpoint of the demand curve, where elasticity is unitary D. at a point low on the demand curve, but not at the very bottom