"The higher the price of a good or service, the greater the quantity that people are willing to sell" is
A. the law of demand.
B. the law of supply.
C. neither the law of demand or the law of supply.
B. the law of supply.
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A cartel is
A) an agreement among competitors to regulate prices or output. B) a bond with no fixed maturity date. C) a contract between manufacturers and retailers. D) a highly leveraged buy-out. E) a shopping center in which all lessees pay the same percentage of common operating costs.
Assuming fixed costs are positive, over a range of output in which average total costs were constant,
a. average variable costs would be constant as output increases. b. average variable costs would be falling as output increases. c. average variable costs would be rising as output increases. d. marginal cost would be less than average variable cost.
Suppose a steel mill pollutes the lake and harms a fishing firm. Under a Coase bargaining solution, an efficient solution exists between the two entities if:
A. the property rights to the lake is assigned to the fishing firm. B. the property rights to the lake is assigned to the steel firm. C. the property rights to the lake is assigned to the government. D. the property rights to the lake is assigned, regardless to whom it is assigned, the steel mill or the fishing firm.
When housing prices fall, as they did beginning in 2006 following the housing market bubble, consumption spending on furniture, appliances, and home improvements ________ as many households found it ________ to borrow against the value of their homes
A) declined; easier B) declined; harder C) increased; easier D) increased; harder