The law of demand includes the statement "other things being equal." These other things include all of the following EXCEPT
A) the price of that good in the law of demand.
B) consumers' income.
C) consumers' tastes and preferences.
D) the number of potential buyers.
A
You might also like to view...
The economy pictured in the figure has a(n) ________ gap with a short-run equilibrium combination of inflation and output indicated by point ________. 
A. recessionary; A B. recessionary; C C. recessionary; B D. expansionary; A
Refer to the graph above. Points A, B, and C represent ________, ________, and ________, respectively
A) equilibrium wage rate after migration from home to foreign has occurred; the wage rate in foreign before migration; the wage rate in home before migration B) equilibrium wage rate after migration from foreign to home has occurred; the wage rate in home before migration; the wage rate in foreign before migration C) the wage rate in home before migration; the wage rate in home after migration; the wage rate in foreign after migration D) the global wage rate before migration; the wage rate in foreign after migration; the wage rate in home after migration E) the global wage rate before migration; the wage rate in home after migration; the wage rate in foreign after migration
Use the above figure. A regulatory commission sets the maximum price this monopolist can charge at P1. If this monopolist were to produce, it
A) would produce Q4 output and generate losses. B) would produce Q4 output and generate profits. C) would produce Q2 output and generate losses. D) would produce Q2 output and generate profits.
Monopoly pricing reduces consumer surplus.
Answer the following statement true (T) or false (F)