An increase in productivity in the agricultural sector when the demand curve is inelastic results in __________ prices for consumers and __________ revenues for farmers
A) higher; lower
B) higher; higher
C) lower; lower
D) lower; higher
E) no change in; no change in
C
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If the price of refillable butane lighters was to decrease, then
A) the quantity of butane demanded would increase. B) the demand for butane would decrease. C) the demand for butane would increase. D) the quantity of butane demanded would decrease.
The law of demand is illustrated by a demand curve that is:
a. horizontal. b. downward-sloping. c. vertical. d. upward-sloping.
Bank reserves that exceed the reserve requirements set by the central bank are called:
A. required reserves. B. excess reserves. C. legal reserves. D. total reserves.
The price of natural gas fell and the quantity sold also fell. Everything else being equal, it is consistent that
A. the price of oil fell. B. natural gas workers received large wage increases. C. more efficient gas drilling equipment was installed. D. consumer incomes rose. E. the supply of natural gas fell.