According to the law of demand, the quantity demanded of a good is related to
A. the relative price of that good.
B. the average price of all goods.
C. any factor that affects the decision of an individual consumer but not the market.
D. income.
Answer: A
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Refer to Figure 24-3. Which of the points in the above graph are possible short-run equilibria but not long-run equilibria? Assume that Y1 represents potential GDP
A) A and B B) A and C C) C and D D) B and D
What is the implication of the demographic transition for the labor force? Dependency ratio?
What will be an ideal response?
Holding supply constant, an increase in demand will
A) increase both the quantity and price. B) increase the equilibrium price and decrease the equilibrium quantity. C) decrease the equilibrium price and increase the equilibrium quantity. D) decrease both the quantity and price.
Lisa runs a local flower shop, if it rains on Valentine's Day and she opens the shop, she will lose $200. If it does not rain on Valentine's Day, she will earn $500 dollars as profits
The chance of rain is 30%, the standard deviation of the profits Lisa could earn on Valentine's Day is A) 198.17. B) 135.61. C) 432.43. D) 290.