The amount of pizzas that consumers want to buy per week is reflected in the equation P = 15 - .02Qd, where Qd is the amount of pizzas purchased per week and P is the price of pizzas. On the basis of this information, we can say that
What will be an ideal response?
50 fewer pizzas will be purchased per week for every $1 increase in price.
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If the world price is above the domestic "no-trade" equilibrium price, then with international trade, the shortage caused in the domestic market can be met by foreign imports
a. True b. False Indicate whether the statement is true or false
When households practice diversification it means that they are buying which of the following?
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Answer the following statement true (T) or false (F)