If the price of cheese increases, the demand for hamburger buns will
A. decrease.
B. remain constant.
C. increase.
D. shift to the right.
Answer: A
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If product Y is an inferior good, a decrease in consumer incomes will
A. shift the demand curve for product Y to the left. B. make buyers want to buy less of product Y. C. shift the demand curve for product Y to the right. D. not affect the sales of product Y.
Rent controls encourage investment in housing because they bring stability to the market.
Answer the following statement true (T) or false (F)
Which of the following is characteristic of a perfectly competitive market?
a. There is free entry into and exit from the market. b. Individual firms can exert a perceptible influence on the market price. c. The firms in the market produce differentiated products. d. All of these are true.
An account issued by banks yielding a market rate of interest with a minimum balance requirement and a limit on transactions is a
A. money market deposit account. B. certificate of deposit. C. mutual funds account. D. savings deposit.