A perfectly competitive firm's demand curve is
A) upward sloping.
B) downward sloping.
C) a vertical line.
D) a horizontal line.
D
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Central banks:
A. exist in almost every major nation. B. are common only to industrialized nations. C. in the United States oversee the U.S. economy, as well as some developing nations who do not have a central bank. D. stopped being used after events like the Great Depression proved them useless.
The demand for soap is more elastic than the demand for Dove soap
a. True b. False Indicate whether the statement is true or false
If you are grocery shopping and you see that the price of beef has risen, and as a result, you change your planned menu for the week and buy chicken instead, the reason your demand curve for beef is downward sloping has mostly to do with
A. the real-balances effect. B. the substitution effect. C. diminishing marginal utility.
If a good has the quality that its benefits cannot be denied to anyone, then that good is
a. nonrival b. merit c. exclusive d. nonexclusive e. social