If there is a decrease in demand
a. firms would be willing to supply less of the good than before at each possible price.
b. buyers are willing to purchase less of the good than before at each possible price.
c. buyer's taste for the good has increased
d. the price of the product has increased, causing consumers to buy less of the product.
b
You might also like to view...
Demand for a good will tend to be more price elastic if it exhibits which of the following characteristics?
A) It accounts for a small part of the consumer's total income. B) The good has many available substitutes. C) It is a non-durable (as opposed to a durable good). D) There is little time for the consumer to adjust to the price change.
According to Elinor Ostrom's view of The Tragedy of the Commons:
a. The only way to prevent the collapse of the commons is government intervention. b. The only way to prevent the collapse of the commons is to privatize the commons so that it is owned by a single individual. c. Individuals will create institutions to prevent the collapse of the commons. d. Individuals will use the commons beyond the socially efficient point.
Refer to the accompanying table below. The marginal cost of the 4th unit of activity is:Units of ActivityTotal CostTotal Benefit0$0$01$2$122$6$223$12$304$20$365$30$406$42$427$56$43
A. $8 B. $10 C. $5 D. $6
If there is moderate growth, we have a zero-sum economy.
Answer the following statement true (T) or false (F)