According to the law of demand
A. ceteris paribus does not apply.
B. price and quantity demanded move in the same direction.
C. price and quantity demanded move in opposite directions.
D. price and quantity demanded are unrelated.
Answer: C
You might also like to view...
Which of the following is the best example of an oligopolistic industry?
A) public education B) the beef market C) the beauty products industry D) the pharmaceutical industry
If the technology associated with producing fiber-optic cable continues to advance, over time the cost of producing fiber-optic cable will
A) decrease, firms that use the new technology will make an economic profit, and in the long run new firms will enter the market. B) decrease, firms that use the new technology will incur an economic loss, and in the long run some firms will exit the industry. C) increase, firms that use the new technology will make an economic profit, and in the long run new firms will enter the market. D) increase, firms that use the new technology will incur an economic loss, and in the long run some firms will exit the industry. E) decrease, firms that do not use the new technology will make an economic profit, and in the long run new firms will enter the market.
The increase in quality bias in the consumer price index refers to the idea that price increases in the CPI reflect pure inflation, but ________ quality increases. This causes the CPI to ________ the cost of the market basket
A) not; overstate B) also; understate C) also; overstate D) not; understate
Overt collusion is relatively rare because: a. they are illegal in some countries, including the United States. b. members find it difficult to agree on key decisions
c. members frequently have an incentive to cheat on the cartel. d. of all the above reasons.