When quantity demanded decreases in response to a change in price:
A. the demand curve shifts to the left.
B. the demand curve shifts to the right.
C. there is a movement from one point to another along the demand curve
Answer: C. there is a movement from one point to another along the demand curve
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The Prisoners' Dilemma is a particular type of game in which negotiation and enforcement of binding contracts is not possible, and such games are known as:
A) cooperative games. B) noncooperative games. C) collusive games. D) Cournot games.
Profit is the payment made for land resources
a. True b. False
The branch of economics that focuses on outcomes in highly aggregated markets, such as the markets for labor or consumption goods, is called: a. macroeconomics
b. positive economics. c. normative economics. d. microeconomics.
If the price level rises, the effect on the expenditure schedule and equilibrium real GDP is to
a. increase both. b. decrease both. c. shift the expenditure schedule upward and decrease equilibrium real GDP. d. shift the expenditure schedule downward and increase equilibrium real GDP.